Hashflow, a trading platform that operates across multiple chains, announced on June 14 that it encountered an incident that had an adverse impact on a significant sum of funds.
While Hashflow did not explicitly acknowledge being targeted by an attack, it did acknowledge that $600,000 worth of funds had been impacted. The company stated that it is actively dealing with the present circumstances and assured users affected by the event that they would be fully compensated.
Furthermore, Hashflow emphasized that the exploit had no impact on its decentralized exchange (DEX), assuring users that it remained unaffected. The project also mentioned its intention to release a post-mortem report in the future, providing a detailed analysis of the incident.
According to Hashflow, they were initially alerted about the exploit by PeckShield, a crypto-security firm. PeckShield’s notification referred to the attack as an “approve-related issue” and disclosed that a total of $410,000 was stolen, consisting of $215,000 worth of ETH and $195,000 in ARB tokens. Hashflow’s later statements estimated a higher loss and also said that funds were stolen from Avalanche, BNB Chain, and Polygon as well.
In subsequent updates, PeckShield revealed that the attack on Hashflow was executed by an ethical hacker, commonly known as a “white hat” hacker. Notably, PeckShield emphasized that the hacker’s contract included a recovery function.
Hashflow has approved the recovery contract created by the hacker and provided instructions to its users. The instructions advise users to revoke permissions given to outdated contracts for tokens. Users are then instructed to execute the recovery function present in the hacker’s contract.Hashflow noted that the hacker’s contract allows users to fully recover their funds or optionally donate 10% of their recovered funds to the white hat.
Hashflow is a trading platform that operates across multiple chains and facilitates the decentralized trading of various cryptocurrencies. It aims to provide users with a seamless and secure trading experience by utilizing smart contract technology. Hashflow offers features such as liquidity aggregation, order routing, and efficient trading execution. By connecting with multiple decentralized exchanges, Hashflow seeks to enhance liquidity and reduce slippage for traders.
PeckShield is a crypto-security firm that specializes in providing security solutions and conducting audits for blockchain projects and smart contracts. They focus on identifying vulnerabilities and potential risks in blockchain systems to ensure the safety and integrity of digital assets.