the platform of decentralized finance (DeFi) Sturdy Finance has offered a $100,000 reward to the hacker who exploited the protocol. The lending platform said its team will not investigate the matter further if the attacker accepts the offer.
On June 12, The DeFi platform suffered a loss of nearly $800,000 in digital assets when an attacker exploited vulnerabilities in the platform. The security firms determined that the cause of the attack was a faulty price oracle and that the hack was carried out using a re-entrancy attack. In response, the platform paused all markets and reassured the community that other funds were not in danger.
Just a day after the attack, Sturdy Finance founder Sam Forman tweeted that they were offering $100,000 to those responsible if they agreed to return the remaining funds to a wallet they specified.
We’ve sent the following message to the Sturdy hacker on-chain:
“To the exploiter: as we have seen with recent hacks, exploits are not as easy to escape from as they used to be. That said, we are willing to offer you $100k as a bounty, and will not pursue you further if you send…
—Sam Forman (@pgpsam) June 12, 2023
We have sent the following on-chain message to the Sturdy hacker:
“To the exploiter: As we’ve seen with the recent hacks, it’s not as easy to get away from exploits as it used to be. That being said, we’re willing to offer you $100,000 as a reward, and we won’t be after you any more if you send…”
According to Forman, recent hacks have shown that it’s not as easy to circumvent exploits as it used to be. The executive said that if the hacker accepts the offer, they are willing to shelve the matter. Forman also said that Sturdy Finance is open to discussing with the attacker.
Recent exploits show that offering rewards to attackers can allow platforms to recover a portion of the hacked funds. On April 4, the Euler Finance team was able to recover 90% of the funds stolen in one of the biggest DeFi hacks this year by trading and offering a bounty to their attacker. Similarly, the Sentiment lending protocol recovered $870,000 after an attack offering a reward to the hacker.
Although some have been successful in negotiating with hackers, not all projects have the same luck. On 1st June, The Jimbos Protocol team offered a $800,000 bounty to the public after the attacker who exploited their platform ignored their bounty offer. According to the platform, anyone who can provide information leading to the arrest of the hacker or the recovery of the funds will be eligible for the reward.
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