TenderFi’s token TND, which announced that it stopped borrowing during the day, lost 34 percent of its value.
TenderFi, one of the DeFi protocols, created fear in investors with its statement. TenderFi was activated by the $1.59 million borrowing fund that a white-hat hacker received despite depositing only one GMX token. The TenderFi team called out to its investors in a social media post, “We started to investigate the surprising amount of borrowing coming into the protocol, and we stopped all borrowing activities throughout the process. Thank you for your patience.” said.
TenderFi Continues to Have Problems with Borrowing
With the hacker’s move, the fact that he received $1.59 million in borrowing funds despite investing only 1 GMX token had a great impact in the industry. TenderFi officials, on the other hand, clarified the issue and announced that the work on the problem continues, but the borrowing activities were canceled during this process.
The statements made by TenderFi officials garnered the reaction of investors. TenderFi’s token, TND, traded on the popular crypto exchange UniSwap, instantly collapsed to $ 1.80. Looking at the current situation, TND is trading at $2.66.
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