The founder of SIR.trading, a decentralized finance (DeFi) protocol recently targeted in a $355,000 exploit, has made a direct plea to the hacker, offering them $100,000 to return the remaining stolen funds. Without the recovery, the platform’s survival hangs in the balance.
In an on-chain message, the protocol’s pseudonymous founder, Xatarrer, urged the attacker to consider the offer, emphasizing the impact on SIR.trading’s future.
“Keep $100K as a fair share for your critical bug find and return the remaining,”
Xatarrer wrote.
“We’ll call it even. No legal games, no drama.”
Xatarrer disclosed that the platform was developed over four years with late-night coding and $70,000 from friends and early supporters, without venture capital. It achieved a total value locked (TVL) of $400,000 through organic growth. They noted that retaining all funds would jeopardize their survival.
The hacker has yet to respond but has already funnelled the stolen assets through the Ethereum-based privacy tool Railgun, according to blockchain data from Etherscan.
A vulnerability in SIR.trading’s Vault contract, introduced during the March 2024 Dencun upgrade, was exploited on March 30. The attacker manipulated a callback function to replace the legitimate Uniswap pool address with their own, enabling them to drain the vault multiple times.
Despite the attack, Xatarrer initially reassured the community that SIR.trading would push forward.
“We’ve already started planning our next steps. Those impacted by the hack will not be forgotten,”
they said.
SSIR.trading was a DeFi protocol aimed at safer leveraged trading, focusing on reducing volatility decay and liquidation risks. The protocol recently experienced a hack, coinciding with a decline in crypto-related exploits and scams in March, totalling $28.8 million in losses, as reported by CertiK. This amount was slightly lowered when hackers returned $4.8 million from the 1inch Resolver exploit.
In contrast, February was one of the worst months for crypto security, with the sector reeling from the massive $1.4 billion Bybit hack.
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