- Sturdy Finance offers a $100,000 bounty for and to the hacker behind their exploit.
- The DeFi protocol reopened its stablecoin market after three days of a pause in operations.
- Sturdy Finance assured users that there were no assets or funds at risk before operations on the platform were halted.
Three days after suffering a recent exploit on its platform, DeFi protocol —Sturdy Finance— has reopened its stablecoin market. The platform announced on June 16, reporting that it had opened its stablecoin market back to the public and would allow users to access their funds.
The lending platform told its users that none of their assets or funds was at risk and that the previous decision to halt operations on the market was made out of a necessity for caution.
Sturdy Finance also put out a $100,000 bounty to anyone who could assist in arresting the exploiter or give a hand in recovering the stolen funds. The lending platform paused all markets and transactions on Monday, June 12, in response to an attack that had resulted in the loss of 442 worth of Ether, worth around $800,000 at the time of the exploit.
The exploiter took advantage of a fault price oracle in the platform and used it to drain funds from the platform. In an update to the Sturdy finance community, the company noted that their team collaborates with security experts specializing in on-chain analysis to retrieve the funds.
The Sturdy Finance team also highlighted their efforts in working with global law enforcement to gather more information on the exploit.
Sturdy Finance also offered a $100,000 bounty to the hacker who had a hand in the exploit, promising to let the matter go if the attacker returned the rest of the stolen funds to their crypto wallet. In addition, the team added in their community update that if the hacker doesn’t refund the stolen funds, the bounty is also up for anyone who can help recover the funds or assist in the hacker’s arrest.
Hackers are getting more creative in ways to hide their stolen funds. On June 15, Chainalysis published a report detailing how hackers are using mining pools to conceal their illicit gains.
Hackers are now using this method to cover up the stolen gains as their earnings from mining activities and not as ransomware attacks.
Conclusion
The hacks in the blockchain space have been happening at a more rapid pace as of late, and another recent one is by the Atomic wallet hacker, who moved their ill-gotten funds from the protocol’s wallet into a mixer used by the notorious cyber hacking syndicate from North Korea.
The Sinbad.io crypto mixer has reportedly been used to launder more than $100 million worth of crypto assets, all stolen by North Korea’s cyber hacking group, Lazarus Group.
