Steadefi Offers Hackers Bounty to Return Stolen Funds
The decentralized finance (DeFi) protocol, Steadefi, has announced a $33,400 bounty for hackers who return 90% of the stolen funds by August 10.
Key Points:
– A vulnerability in Steadefi’s security framework led to the theft of at least $334,000.
– The breach has resulted in a significant drop in Steadefi’s Total Value Locked (TVL), undermining user confidence in DeFi.
– Steadefi has openly acknowledged the breach and is currently in negotiations with the hacker.
– If the stolen funds are not returned by the deadline, Steadefi will offer the same bounty to the public in order to locate the hacker.
– Inflows of funds into the exploiter’s Ethereum address on the Avalanche network suggest a connection to the compromised Steadefi protocol.
Steadefi’s breach highlights the need for improved security measures and collaboration within the DeFi community to prevent future attacks.
Hot Take: Steadefi’s decision to offer a bounty demonstrates their commitment to recovering stolen funds and safeguarding user assets. This incident serves as a wake-up call for the entire DeFi ecosystem to prioritize security and build resilience against potential breaches.
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