Key Points:
Approximately 624 ETH, equivalent to $1.1 million, was stolen and subsequently relocated to a new address at 12:29 p.m. UTC on August 8.
Swift action by the Steadefi team managed to reclaim around $418,000 (38% of the stolen funds) in user funds from the remaining vaults just minutes later, at 12:43 p.m. UTC.
Law enforcement has been notified, and Steadefi is collaborating with cybersecurity firms to trace both the on-chain and off-chain movements of the attacker.
Steadefi is currently engaging in negotiations through messages sent to the attacker’s wallet address in hopes of recouping a portion of the stolen assets.
They’ve proposed a unique solution where returning 90% of the funds to the attacker would result in the remaining 10% being retained as a reward. However, should the attacker not comply, 10% will be offered to those who can pinpoint their identity and ensure legal action.
In a detailed account, Steadefi divulged how their protocol deployer wallet was compromised, leading to the attacker’s control over all vaults, thereby enabling unauthorized actions. The attacker exploited this control to deplete borrowing capacity, convert assets to ETH, and bridge them to Ethereum.
The attacker also suspended the liquidity mining contract, obstructing withdrawals for users. However, depositors in the strategy vault still retain withdrawal access, provided the attacker hasn’t suspended it.
In a similar breach, Cypher Protocol, a decentralized futures exchange operating on Solana, confronted a hacking attack that drained $1 million.
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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