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

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.

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.

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.