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Decentralized finance (DeFi) protocol Sturdy Finance has reopened its stablecoin market following a recent exploit on its platform.
On June 16, the lending platform announced it had halved the stablecoin market, allowing users to access their own funds. The DeFi protocol told its users that no funds were at risk and that the decision to halt the market was made only out of “an abundance of caution.”
The stablecoin market is now non-stop, allowing users to access their funds in this market!
No fund was ever at risk in this market; The market was halted only by an abundance of caution. As an additional security measure, the BB-a-USD pool has been disabled. pic.twitter.com/uRL0gKQSEJ
— Sturdy (@SturdyFinance) June 16, 2023
On June 12, the platform halted all markets in response to an attack that resulted in the loss of 442 ether (ETH), which was worth about $800,000 at the time. The exploit took advantage of a flawed price oracle and used it to drain funds from the platform.
In Community Updates, Sturdy Finance noted that its team is collaborating with security experts specializing in on-chain analysis to recover the funds. The team also highlighted that it is working with global law enforcement to gather information.
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The DeFi protocol also offered a $100,000 reward to the hacker who found the exploit. According to the team, if the attacker returns the rest of the funds to his crypto wallet, he will let the matter go. However, the team also mentioned in a community update that if the money is not returned, it is offering money to anyone who can help bring about an arrest or recover the money.
In other news, hackers are developing ever more ingenious ways to hide their stolen funds. On June 15, blockchain analytics firm Chainalysis published a report detailing how hackers use mining pools to hide their illegal profits. Hackers use this method to disguise their funds as earnings from mining activities rather than from ransomware attacks.
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