Sam Forman, the creator of Sturdy Finance, has announced a $100,000 offer for the hacker responsible for the recent exploit on the protocol. The platform hopes that by offering the bounty, they can reach a resolution and potentially retrieve the stolen funds.
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
The hack, which occurred on June 12, 2023, resulted in the theft of over $800,000 worth of digital assets from Sturdy Finance. Investigations revealed that the exploit originated from a flawed price oracle, and the attacker utilized reentrancy attacks to carry out the hack. As soon as the breach was detected, Sturdy Finance took immediate action by halting all market activities and assuring its community that the remaining funds were secure.
Forman acknowledged the increasing difficulty of evading exploitation and expressed willingness to engage in discussions with the perpetrator. He noted the bounty serves as an incentive to encourage the hacker to return the stolen funds and initiate a dialogue with the platform.
The incident highlights the growing importance of finding innovative solutions to combat hacks and recover stolen funds in the DeFi space. Some affected platforms have resorted to offering bounties to hackers, with varying degrees of success. Euler Finance, for instance, managed to recover 90% of the assets stolen in a major breach earlier in March 2023 by offering the hacker the option of a $20 million reward and a threat to face the law.
However, not all platforms have been fortunate in their dealings with hackers. The Jimbos Protocol team, for instance, faced a situation where the hacker who exploited vulnerabilities in their platform ignored their initial bounty offer. In response, they announced an $800,000 bounty available to the general public, offering the reward to anyone who can provide information leading to the hacker’s arrest or the recovery of the stolen funds.
It remains to be seen whether Sturdy Finance’s $100,000 bounty will be sufficient to entice the hackers to return the stolen funds. If not, the platform may consider expanding the bounty to the public, opening it up to anyone who can provide valuable information.
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