Ede Finance Developers Confess Price Manipulation as a Result of Hack

Reading Time: < 1 minute

An individual hacked DeFi protocol on the Arbitrum network Ede Finance on May 28 for $580,000, leaving an on-chain message to reveal that the developers had been manipulating the prices.

Consequently, the project team admitted to their manipulation and promised to return the stolen funds to the hacker, minus 10%.

They agreed to also remove the smart contract that allowed for price changes and to cover the difference of the stolen assets from their own funds.

On top of that, Ede Finance offered the hacker 5% of the distribution of command tokens for any more information about other vulnerabilities.

The consequence of these events has been reflected in the CoinGecko’s report, noting a 46% decrease in the native EDE protocol token’s rate over the past 24 hours, from $2.43 to $1.29.

If you like our content and want to support us, please follow us on X, Facebook and Instagram and don’t miss the latest news!