Sturdy Finance Reopens Following a $800K Exploit

Sturdy Finance Reopens Following a $800K Exploit
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Sturdy Finance has reopened its doors in the stablecoin market, not too long after suffering an exploit that washed away $800K in funds. The platform announced through a tweet that it had resumed operations in the stablecoin market, enabling users to access their funds without any convenience. Sturdy Finance let its users know that none of their assets were at risk, and the only reason to pause the market was a result of caution following the exploit. However, the platform disabled the bb-a-USD pools in an effort to boost security. ˙

On June 12 this year, Sturdy Finance had to halt all of its markets following a major hack that led to the theft of approximately 442 ETH. It accounted for almost $800,000 at that time. It is believed that the exploiters took advantage of the faulty price oracle, and used it to their advantage by draining funds from the platform.

An update followed not too long after the exploit that highlighted how the teams at Sturdy Finance are collaborating with a number of security experts specializing in on-chain analysis. This was done so the stolen funds could be recovered in no time. The platform also made it clear that it was working alongside global law enforcement to gather the necessary information.

Sturdy Finance Offers a $100K Bounty

Sturdy Finance Offers a $100K Bounty

Sturdy Finance has offered a sum of approximately $100K as a bounty to the hacker. The platform also made it clear that it would let the entire situation go if the hacker took the bounty and returned all the stolen funds. The firm also mentioned that if these funds are not returned soon, it would offer the $100K sum to anyone who would provide enough information leading to the arrest of the exploiter. 

Considering how exploits have started to rapidly increase in the DeFi world, exploiters have started the development of new ways to hide their stolen funds. On June 15, Chainalysis, a renowned blockchain analytics firm, shared data that highlighted how hackers use mining pools to hide their ill-gotten gains. Hackers are resorting to the wide use of this method to disguise these stolen funds as earnings from mining activities.


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