Sturdy Finance has reopened its stablecoin market after a recent attack on its website made it shut down a few days ago.
The DeFi protocol announced on June 16, 2023 that the stablecoin market is now accessible again, and users have regained access to their funds. Sturdy Finance assured its users that no funds were at risk during the attack, and the temporary market pause was implemented as a precautionary measure.
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 attack occurred on June 12, 2023, and resulted in the theft of 442 Ether, equivalent to $800,000 at the time. The attack exploited a flaw in the platform’s price oracle. The platform swiftly suspended all markets to prevent further damage and loss of funds.
The Sturdy Finance team also took further action to address the situation. In a recent community update, the team announced its collaboration with security specialists specializing in on-chain analysis. The objective is to initiate the process of recovering the stolen funds. Additionally, the DeFi protocol confirmed its cooperation with international law enforcement agencies to obtain crucial data and support in addressing the incident.
Meanwhile, in an unexpected move, the Sturdy Finance team has offered a $100,000 reward to the hacker responsible for the exploit. The team has pledged to drop the case if the remaining assets are transferred to their cryptocurrency wallet. However, if the funds are not returned, the team intends to offer the money as a reward to anyone who can aid in apprehending the attacker or recovering the stolen funds.
On June 15, 2023, Chainalysis, a blockchain analytics company, published a report highlighting the increasingly sophisticated methods employed by hackers to conceal their ill-gotten gains. The report revealed how hackers are now using mining pools to obscure the origin of their illicit funds. By presenting them as revenue from legitimate mining operations rather than proceeds from ransomware attacks, hackers are making it more challenging for authorities to track and trace stolen funds.
Sturdy Finance’s reopening of its stablecoin market represents a significant step forward for the platform and its users, as it will help boost investors’ confidence in the platform. The collaboration with security specialists and law enforcement agencies demonstrates the seriousness with which the DeFi protocol addresses the attack and its commitment to recover the stolen funds.
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