The post Bedrock Suffers $2 Million Exploit, Pauses Contracts and Plans Token Airdrop for Affected Users appeared on BitcoinEthereumNews.com.

Bedrock Suffers $2 Million Exploit, Pauses Contracts and Plans Token Airdrop for Affected Users Bedrock, an Ethereum liquid staking platform, has announced that it recently fell victim to a $2 million exploit involving its uniBTC token, according to an official statement on the platform’s Telegram channel. In response to the security breach, Bedrock has taken swift action to temporarily pause the affected contracts while ensuring that the Bitcoin (BTC) held in reserves remains secure. The exploit, which affected the uniBTC contract, led to a significant loss of funds, but Bedrock has assured users that steps are being taken to address the issue and compensate those affected. The platform intends to take a snapshot of user balances and will airdrop new tokens to the original holders as part of its compensation plan. Details of the Exploit The $2 million exploit is related to the uniBTC contract, a tokenized representation of Bitcoin within the Bedrock ecosystem. The exact nature of the exploit has not been fully disclosed, but Bedrock emphasized that the BTC held in reserves remains unaffected, meaning users’ underlying BTC assets are still secure. In its Telegram announcement, Bedrock explained that it identified the security breach after observing suspicious activity within the uniBTC contract. Upon realizing the extent of the issue, the platform made the decision to pause the contract and assess the damage to prevent further losses. The temporary suspension of the uniBTC contract allows Bedrock to investigate the breach and determine how the exploit occurred. In the meantime, users are advised to refrain from interacting with the contract until further notice. Bedrock’s Response: Compensation Plan and Airdrop To compensate users affected by the exploit, Bedrock has announced plans to take a snapshot of user balances before the exploit occurred. The platform will then issue an airdrop of new…

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Filed under: News - @ September 27, 2024 4:22 am