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Sturdy Finance Recovers from Breach
Decentralized finance (DeFi) protocol, Sturdy Finance, has resurrected its stablecoin market following a recent security breach on its platform.
On June 16, the lending protocol announced the revival of the stablecoin market, providing users access to their assets. In a communication to its users, the DeFi protocol ensured that their funds were never in jeopardy, and the action to halt the market was purely taken as a preemptive measure.
Details of the Exploit
Sturdy Finance suspended all markets on June 12 as a defensive response to a cyber attack that resulted in a loss of 442 Ether, equivalent to nearly $800,000 at the time. The offender exploited a vulnerable price oracle to siphon off funds from the platform.
In an update to the community, Sturdy Finance stated that its team is working closely with security specialists proficient in on-chain analysis to recover the stolen funds. Additionally, the team is liaising with global law enforcement agencies to gather pertinent information.
Bounty Offer and Ongoing Investigations
In a unique approach to redress, Sturdy Finance offered a bounty of $100,000 to the perpetrator of the breach. The team expressed a willingness to drop the matter if the rest of the funds are returned to their cryptocurrency wallet. Alternatively, if the funds are not repatriated, the bounty is up for grabs for anyone who can aid in the arrest of the offender or the recovery of the stolen assets.
Emerging Tactics of Hackers
In related news, cybercriminals are exhibiting increasing creativity in concealing their ill-gotten gains. On June 15, blockchain analytics company Chainalysis released a report outlining how culprits use mining pools to camouflage their stolen funds. These tactics enable them to portray their funds as mining earnings, masking their origins in ransomware attacks.
