CDS Crypto News Sturdy Finance Resumes Stablecoin Market Operations Following Exploit, Announces $100,000 Reward
Crypto News

Sturdy Finance Resumes Stablecoin Market Operations Following Exploit, Announces $100,000 Reward

Decentralized finance (DeFi) platform Sturdy Finance has successfully reopened its stablecoin market after falling victim to an exploit. The lending platform made the announcement on June 16, reassuring users that their funds were secure and the temporary market pause was a precautionary measure.

731
Sturdy Finance Resumes Stablecoin Market Operations Following Exploit

Sturdy Finance Resumes Stablecoin Market Operations Following Exploit, Announces $100,000 Reward

Decentralized finance (DeFi) platform Sturdy Finance has successfully reopened its stablecoin market after falling victim to an exploit. The lending platform made the announcement on June 16, reassuring users that their funds were secure and the temporary market pause was a precautionary measure.

The exploit occurred on June 12, prompting Sturdy Finance to halt all market activities. During the attack, approximately 442 Ether, valued at around $800,000 at the time, was lost. The exploit leveraged a flaw in the platform’s price oracle, enabling the attacker to siphon funds from the protocol.

Sturdy Finance Resumes Stablecoin Market Operations Following Exploit, Announces $100,000 Reward

In a community update, Sturdy Finance emphasized its collaboration with on-chain analysis security experts to recover the funds. The platform is also actively working with law enforcement agencies worldwide to gather crucial information on the incident.

In response to the exploit, Sturdy Finance took an unprecedented step by offering a $100,000 bounty to the hacker responsible. The platform stated that it would drop any charges if the attacker returned the remaining funds to its crypto wallet. However, if the funds are not returned, Sturdy Finance has extended the reward to individuals who can assist in the arrest or recovery of the stolen assets.

Sturdy Finance Resumes Stablecoin Market Operations Following Exploit, Announces $100,000 Reward

In related news, hackers continue to devise innovative methods to obscure their illicit gains. Blockchain analytics firm Chainalysis recently published a report uncovering how hackers utilize mining pools to camouflage their stolen funds as mining earnings rather than proceeds from ransomware attacks.

Sturdy Finance Resumes Stablecoin Market Operations Following Exploit, Announces $100,000 Reward

Leave a comment

Leave a Reply

Related Articles

Short-Term Bitcoin Volatility: Keith Alan Foresees 2025 Breakout Amid US Election Uncertainty

Short-Term Bitcoin Volatility: Keith Alan Foresees 2025 Breakout Amid US Election Uncertainty

Hamster Kombat Faces 86% User Drop as Paws Surges

Hamster Kombat's user base and token value plummet, while Paws Mini App...

November Crypto Market Forecasts

November Crypto Market Forecasts: The cryptocurrency markets are deeply influenced by various...

Dogecoin and Bitcoin’s Divergence: What’s Behind the Market Shifts Pre-Election?

Dogecoin surges 10% ahead of U.S. elections while Bitcoin dips, with market...