Exactly Protocol Offers $700,000 Bounty to Catch Hacker
The Optimism-based Exactly Protocol, which recently lost $7.3 million in a hack, is now offering a $700,000 bounty for any information that can help catch the hacker and recover the stolen funds. The protocol revealed that the hacker manipulated the DebtManager periphery contract by passing in a malicious market contract address and executing a malicious deposit function to steal users’ USDC. The hacker then liquidated the assets to make a profit.
Main Breakdowns:
- The Exactly Protocol lost $7.3 million in a recent hack.
- The hacker bypassed the permit check and stole users’ USDC by manipulating the DebtManager periphery contract.
- The protocol has already fixed the vulnerability.
- The team tried to negotiate with the hacker, but received no response.
- A $700,000 bounty is now being offered to catch the hacker and recover the stolen funds.
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The Exactly Protocol has already fixed the vulnerability in the DebtManager periphery contract that caused the exploit. They have also partnered with Chainalysis to trace back the stolen funds. Recurring hacks in the DeFi ecosystem highlight the need for tighter regulations in the industry. This incident follows a similar hack on Hundred Finance, which resulted in the loss of $7 million worth of cryptocurrencies.
Hot Take:
The Exactly Protocol’s proactive response to the hack, including offering a substantial bounty and partnering with Chainalysis, shows their commitment to protecting their users and recovering the stolen funds. However, the incident underscores the ongoing security challenges in the DeFi ecosystem, and the need for greater regulatory measures to prevent such exploits in the future.
