After recently suffering an exploit on its platform, the protocol of decentralized finance (DeFi) Sturdy Finance has reopened its stablecoin marketplace.
On June 16, the lending platform announced that it had reopened the stablecoin market, allowing users to access their funds. The DeFi protocol told its users that no funds were in danger and that the decision to pause the market was made simply out of “excess of caution.”
The stablecoin market is now unpaused, enabling users in this market to access their funds!
No funds in this market were ever at risk; the market was only paused out of an abundance of caution. As an additional safety measure, the bb-a-USD pool has been disabled pic.twitter.com/uRL0gKQSEJ
—Sturdy (@SturdyFinance) June 16, 2023
The stablecoin market is no longer paused, allowing stablecoin users to access their funds! No fund in this market was ever at risk; the market was only paused out of excess of caution. As an additional security measure, the bb-a-USD pool has been disabled
On June 12, the platform paused all markets in response to an attack that led to the loss of 442 Ether (ETH), valued at about USD 800,000 at the time. The exploit took advantage of a flawed price oracle and used it to drain funds from the platform.
In a community update, Sturdy Finance he pointed that his team is collaborating with security experts specializing in on-chain analysis to recover the funds. The team also noted that it is working with global security forces to gather information.
The DeFi protocol also offered a $100,000 reward to the hacker who made the exploit. According to the team, he will drop the matter if the attacker returns the rest of the funds to his crypto wallet.. However, the team also mentioned in the community update that if the funds are not returned, it offers the money to anyone who can help bring about an arrest of the attacker or recover the funds.
In other news, various hackers are developing more ingenious ways to hide your stolen funds. On June 15, blockchain analytics firm Chainalysis published a report detailing how hackers use mining pools to hide their ill-gotten gains. Hackers use this method to disguise their funds as mining earnings, not ransomware attacks.
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