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DeFi

SyncSwap Advises Users To Withdraw Assets From USD+ Pool After EraLend Hack

July 26, 2023 - Around 2 mins mins to read

Key Points:

  • SyncSwap advises users to withdraw their assets from USD+ LP within 12 hours to avoid the impact of the EraLend hack.
  • Withdrawal from LP is required to proceed with USD+ rebase and resume regular operation of the USD+ protocol.
  • The USD+ team will take a snapshot of USD+ holders and LP providers at the rebase block, and it will be used for the purpose of distributing EraLend proceeds.
SyncSwap Advises Users To Withdraw Assets From USD+ Pool After EraLend Hack
According to the official announcement from DEX SyncSwap, it advises users to withdraw their funds from USD+ LP within 12 hours to avoid the impact of the EraLend hack.
https://twitter.com/syncswap/status/1683903536655114240

The zkSync ecosystem DEX SyncSwap was not affected by the recent EraLend attack, which only affected USDC deposits on the lending platform.

The DEX has confirmed that all other assets, including the SyncSwap USDC/ETH liquidity available on EraLend, are safe and intact. Users who have provided liquidity on EraLend are advised to withdraw their funds before the issue is resolved to avoid further troubles. There is no need to withdraw funds from the SyncSwap protocol itself.

The USD+ team will take a snapshot of USD+ holders and LP providers at the rebase block, and it will be used for the purpose of distributing EraLend proceeds.

On July 25, EraLend, the most significant lending protocol operating on the Ethereum extension blockchain zkSync, fell victim to an attack that resulted in a substantial loss of $3.4 million.

SyncSwap Advises Users To Withdraw Assets From USD+ Pool After EraLend Hack

Since then, the group has stopped the attack, and the attackers have been unable to continue. As a precaution, EraLend has suspended all borrowing to protect funds while working with cross-chain bridge partners and zkSync to prevent additional asset flows.

Currently, EraLend is also working with cybersecurity companies to trace the source of the attack.

EraLend’s recent update is that all users are suggested to request a refund and revoke application approval for Eralend. An interim compensation disbursement has been allocated due to negative market sentiment.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

DeFi

SyncSwap Advises Users To Withdraw Assets From USD+ Pool After EraLend Hack

Key Points:

  • SyncSwap advises users to withdraw their assets from USD+ LP within 12 hours to avoid the impact of the EraLend hack.
  • Withdrawal from LP is required to proceed with USD+ rebase and resume regular operation of the USD+ protocol.
  • The USD+ team will take a snapshot of USD+ holders and LP providers at the rebase block, and it will be used for the purpose of distributing EraLend proceeds.
SyncSwap Advises Users To Withdraw Assets From USD+ Pool After EraLend Hack
According to the official announcement from DEX SyncSwap, it advises users to withdraw their funds from USD+ LP within 12 hours to avoid the impact of the EraLend hack.
https://twitter.com/syncswap/status/1683903536655114240

The zkSync ecosystem DEX SyncSwap was not affected by the recent EraLend attack, which only affected USDC deposits on the lending platform.

The DEX has confirmed that all other assets, including the SyncSwap USDC/ETH liquidity available on EraLend, are safe and intact. Users who have provided liquidity on EraLend are advised to withdraw their funds before the issue is resolved to avoid further troubles. There is no need to withdraw funds from the SyncSwap protocol itself.

The USD+ team will take a snapshot of USD+ holders and LP providers at the rebase block, and it will be used for the purpose of distributing EraLend proceeds.

On July 25, EraLend, the most significant lending protocol operating on the Ethereum extension blockchain zkSync, fell victim to an attack that resulted in a substantial loss of $3.4 million.

SyncSwap Advises Users To Withdraw Assets From USD+ Pool After EraLend Hack

Since then, the group has stopped the attack, and the attackers have been unable to continue. As a precaution, EraLend has suspended all borrowing to protect funds while working with cross-chain bridge partners and zkSync to prevent additional asset flows.

Currently, EraLend is also working with cybersecurity companies to trace the source of the attack.

EraLend’s recent update is that all users are suggested to request a refund and revoke application approval for Eralend. An interim compensation disbursement has been allocated due to negative market sentiment.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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