2023-06-16 20:13:00
Sturdy Finance, the decentralized finance (DeFi) platform, has shown great resilience by reopening its doors only three days following being the victim of an $800,000 hack. Sturdy Finance also offered a $100,000 bounty to anyone who might help catch the hackers or recover the stolen funds.
Sturdy Finance reopens stablecoin market following June 12 attack
Following a recent attack on its platform, the decentralized finance (DeFi) protocol Sturdy Finance reopened its stablecoin market.
On June 12, the platform suspended all markets following a hacker attack that resulted in the loss of 442 Etheror $800,000, following the exploit, the platform was immediately shut down to prevent further losses.
On June 16, the lending platform announced the resumption of the stablecoin market, allowing users to access their funds. The DeFi protocol has assured its users that no funds were at risk and that the decision to pause the market was simply taken as a “precaution”.
Despite the incident that caused a significant decrease in resources platform, the Sturdy Finance team quickly embarked on a thorough investigation into the attack. In an effort to ensure the safety of user funds, Sturdy Finance has temporarily suspended all operations. This allowed the team to take a close look at the issue, determine how the exploit happened, and put the necessary security measures in place to prevent a recurrence.
The reopening of the market on June 16 marked a triumphant return for Sturdy Finance. The platform resumed operations and allowed users to continue trading and investing in stablecoins.
$100,000 Reward for the Sturdy Finance Hack: Thoughts on DeFi Cybersecurity
The decentralized finance (DeFi) platform offered a $100,000 reward to the hacker who hacked the protocol. The team will drop the charges if the attacker returns the remaining funds in their crypto wallet. The team also mentioned in the community update that if the funds are not returned, she also offers this amount of money to anyone may contribute to the arrest of the perpetrator or the recovery of funds.
The incident at Sturdy Finance is a stark reminder of the risks associated with decentralized finance. There cybersecurity remains a major concern for DeFi platforms, and the importance of robust security systems cannot be overstated.
Hackers are developing increasingly ingenious methods of concealing their stolen funds. On June 15, blockchain analytics firm Chainalysis published a report detailing how hackers use mining pools to conceal their illicit gains. Hackers use this method to disguise their funds as revenue from mining activities, rather than hacking-related attacks.
Source : cointelegraph
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