JPEG’d Confirmed Recovered 5494.4 WETH, 10% White Hat Hacker Bonus
- JPEG’d DAO confirmed to have received 5,494.4 WETH back to JPEG’d Multisig.
- A 10% white hat reward worth 610.6 WETH has been awarded to address owners who recovered coins from pETH mining.
- Prior to that, JPEG’d was part of a string of hacks on Curve Finance with an estimated $11.6 million in damage.
NFT lending platform JPEG’d has recovered all 5,494.4 WETH, worth about $10 million at current prices, from hacker Curve Finance.
As confirmed by the project itself, JPEG’d the entire 5,494.4 WETH back to the platform’s Multisig wallet address for a total of 5,495.4 WETH. This is the amount that the protocol was stolen from in a series of hacks on Curve Finance from July 30 after hackers took advantage of exploiting a security hole in the Vyper smart contract programming language.
Despite draining about $70 million on some pools on Curve, the hacker is slowly returning the funds to the liquidity pools. In addition to JPEG’d, they have so far returned 4,820.55 Alchemix ETH (alETH), worth approximately $8.8 million to the Alchemix Finance team and 1 ETH ($1,829) to the Curve Finance team. With this action, the hacker received a 10% bonus worth 610.6 WETH from JPEG’d.
JPEG’d (token name: JPEG) is a protocol built on the Ethereum blockchain for NFT lending, taking advantage of the available elements of DeFi to optimize returns for investors. The protocol allows NFT holders to open collateralized debt positions using their NFT as collateral. Users mint PUSd, the protocol’s native stablecoin, allowing them to gain leverage on their NFTs effectively.
The platform works completely on a decentralized financial platform without the need to license trading activities from a certain unit. With the goal of bridging the gap between DeFi and NFT by using their NFT as collateral on the protocol via DAO.
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