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 of the scam.
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 token (HOPE), which dynamically adjusts its supply relative to the price of Ether ETH$1,639.
Posts on the account allege that a Nigerian national had executed the scam and transferred over $1.86 million to Tornado Cash shortly after the platform went live on Feb. 20. A member of the CertiK team told Cointelegraph that the scammer had changed the details of the smart contract, which led to funds being drained from Hope Finance genesis protocol:
