Santiment is investigating the funds lost from the Santiment protocol.
The firm restricted the functionality to withdrawals only.
Santiment, the on-chain, social, and financial analyzer, reported that there was theft in their protocol by an unknown hacker. The firm is investigating the indictable extraction of funds from the Santiment Protocol. It has taken steps to find the root cause of the exploit and prevent further protocol misuse.
They contacted law enforcement to detect the hacker and rescue the funds. They have been working with third-party auditors and security firms. The firm stated that its first priority is to secure the remaining funds and recover the funds that have been lost.
Santiment to Recover the Lost Funds
The firm recently updated the status of the incident. Approximately at 6:00 p.m. UTC, their team became aware of some abnormal activity, which has now been declared malicious activity. At 7.26 p.m. UTC, the firm paused its main contract to reduce the risk of further funds being exploited and restricted the functionality to withdrawal only.
Moreover, with the help of third-party security authorities, the Santiment team was able to push a fix that has remediated the vulnerability. Additionally, all the Santiment account users can repay their debts and unwind their positions.
The Santiment team stated that they will continue to work closely with law enforcement and the close contributors to identify the hacker who involved in the theft. And to recover the misappropriated user funds. Their team didn’t reveal how much funding they lost.
This incident didn’t affect the Santiment Network’s token (SAN). At the time of writing, the trading price of the SAN is around $0.0635, with an increase of 2.01% in the last 24 hours, according to CoinMarketCap.