Gondi Disables Smart Contract Bug After $230K Exploit

Gondi disabled the faulty smart contract that allowed a hacker to steal $230,000 worth of NFTs and said it is compensating affected customers. The attacker exploited the Sell & Repay contract, which lets borrowers sell escrowed NFTs and automatically repay loans.

An updated version of that contract was deployed on Feb. 20, but Gondi did not confirm how the hacker managed to exploit it. Etherscan shows 78 NFTs were stolen at about 8:12 am UTC, and Blockaid estimated the damage at $230,000. The company said its focus has shifted entirely to making affected users whole.

Blockaid and an independent auditor have reviewed the platform and concluded it to be safe to use. Gondi’s remediation efforts include repaying, renegotiating and refinancing loans, enabling new loans, and restoring marketplace functions such as buying, selling, trading and listing NFTs.

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