$2M Bedrock Exploit Adds to DeFi Growing List of Cyberattacks
The post $2M Bedrock Exploit Adds to DeFi Growing List of Cyberattacks appeared on BitcoinEthereumNews.com.
Bedrock hacked, losing $1.7M, with funds drained via Tornado Cash. Truflation attack results in $4.6M loss from compromised safe address. The crypto sector continues to face an alarming wave of cyberattacks, with a recent breach involving the Bedrock protocol adding to the growing list of DeFi exploits. Ten hours ago, Cyvers Alert, a digital asset monitoring platform, flagged a suspicious transaction linked to Bedrock, a DeFi multi-asset liquid restaking protocol. The attackers, funded through Tornado Cash, reportedly drained $1.7 million from the uniBTC pool, with 650 ETH still residing in the attacker’s wallet. Bedrock took nearly seven hours to address the issue publicly, assuring users that their wrapped BTC and reserves were secure. The protocol confirmed a total estimated impact of $2 million, primarily in decentralized exchange liquidity pools (DEX LPs). ⚠️Important Announcement from the Bedrock Team We want to inform you that the Bedrock team is aware of a security exploit involving uniBTC. The issue has been handled and funds are SAFU. We want to reassure everyone that the underlying wrapped BTCs and BTCs in reserves are… — Bedrock | Bitcoin Restaking LIVE (@Bedrock_DeFi) September 27, 2024 Meanwhile, a reimbursement plan is being finalized, and a post-mortem report will be released alongside a proof of reserves to ensure transparency. Bedrock is actively collaborating with white hat hackers and auditors to recover the stolen funds and prevent future attacks. Hack and Recoveries Truflation, a prominent DeFi platform, also fell victim to a sophisticated attack on September 25. An attacker compromised their safe address, resulting in a loss of 56,872,500 TRUF tokens, worth $4.6 million. Truflation disclosed that the breach involved malware, and the team is working with law enforcement to recover the stolen assets. Staking paused that day, and liquidity remains limited on decentralized exchanges. Meanwhile, the spree of attacks…
Filed under: News - @ September 27, 2024 9:19 am