Hope Finance exploit results in $2M stolen from users' funds
An Arbitrum-based algorithmic stablecoin project has fallen prey to a smart contract exploit, seeing $2 million stolen from users. Prospective users of an Arbitrum-based decentralized finance (DeFi) project have been left out of pocket following a $2 million exploit . Web3 security firm CertiK flagged the incident on Feb. 21, following an announcement from the Hope Finance Twitter account notifying users that they had been scammed. #CommunityAlert @hope_fin have announced the community has been scammed for ~$2m making this the largest #exitscam on Arbitrum in 2023. $1.86m was transferred to @TornadoCash. Hope_fin have posted steps for user's to withdraw their staked LPhttps://t.co/hJbFXiKujt — CertiK Alert (@CertiKAlert) February 21, 2023 Details of the project are difficult to come by. The platform’s Twitter account was launched in January 2023 and outlined plans for an algorithmic stablecoin called $HOPE which dynamically adjusts its supply relative to the price of ETH....