Steadefi Exploited and Funds at Risk: Details of the Hack
– Steadefi, a decentralized finance app, has been hit with an exploit, putting all funds at risk of becoming irrecoverable.
– The attack was first made public on August 7th, with the app losing at least $334,000.
– The hacker gained access to the team’s deployer wallet and executed OwnerOnly functions, allowing them to borrow funds from lending vaults.
– Loanable funds were drained, but collateral held in vaults and not lent out remained secure.
– Farming contracts were stopped, leaving users unable to withdraw their funds.
Steadefi Attempts to Negotiate with Hackers
– Steadefi’s development team is negotiating with the hackers and has offered a 10% bounty in return for the remaining 90% of the stolen funds.
– If the hackers refuse the offer, Steadefi will offer the 10% bounty to anyone who can identify or provide information leading to a conviction.
– The offer expires on August 10th at 0800 UTC.
DeFi’s Hacker Headache
– Steadefi’s exploit is the latest in a series of hacks in the crypto and DeFi space, eroding public trust.
– Other recent attacks include those on Coinspaid, LeetSwap, Voyager, and a phishing attack on USDT.
– DeFi remains vulnerable to bad actors, despite efforts to improve security.
Hot Take: DeFi Security Remains a Challenge
The recent exploit of Steadefi highlights the ongoing security challenges faced by the DeFi space. Despite efforts to improve security measures, hackers continue to find vulnerabilities and exploit them. This not only puts user funds at risk but also undermines public trust in decentralized finance applications. It is crucial for DeFi projects to prioritize robust security measures and implement comprehensive audits to prevent such exploits. Additionally, the response of offering a bounty to hackers shows a willingness to negotiate, but it also emphasizes the need for legal actions and law enforcement involvement when necessary to protect user funds and hold hackers accountable.
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