{"id":172284,"date":"2024-09-27T11:43:13","date_gmt":"2024-09-27T11:43:13","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=172284"},"modified":"2024-09-27T11:43:16","modified_gmt":"2024-09-27T11:43:16","slug":"hackers-steal-2-million-from-bedrock-protocol-restaking-platform-issues-reimbursement-plan","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/hackers-steal-2-million-from-bedrock-protocol-restaking-platform-issues-reimbursement-plan\/","title":{"rendered":"Hackers Steal $2 Million from Bedrock Protocol \u2013 Restaking Platform Issues Reimbursement Plan"},"content":{"rendered":"<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">TL;DR<\/span><\/p>\n<ul style=\"text-align: justify\">\n<li><strong><span data-preserver-spaces=\"true\">Security Breach<\/span><\/strong><span data-preserver-spaces=\"true\">: Hackers exploited a flaw in Bedrock Protocol\u2019s synthetic Bitcoin token, uniBTC, resulting in a $2 million loss. The breach mainly impacted decentralized exchange liquidity pools, but core BTC reserves remain secure.<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">Immediate Response<\/span><\/strong><span data-preserver-spaces=\"true\">: Bedrock assured users that the remaining funds are safe and is working on a reimbursement plan for affected users. A detailed post-mortem report will be released soon.<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">Market Position<\/span><\/strong><span data-preserver-spaces=\"true\"><span data-preserver-spaces=\"true\">: Launched in February 2023, Bedrock is the eighth-largest liquid staking protocol with over $240 million in TVL. The incident underscores the importance of security in DeFi.<\/span><\/span><br \/>\n<hr \/>\n<\/li>\n<\/ul>\n<p style=\"text-align: justify\"><strong><span data-preserver-spaces=\"true\">Bedrock,<\/span><\/strong><span data-preserver-spaces=\"true\"> a versatile liquid staking protocol, <\/span><strong><span data-preserver-spaces=\"true\">has recently acknowledged a security incident concerning<\/span><\/strong><span data-preserver-spaces=\"true\"> its synthetic <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/crypto-economy.com\/what-is-bitcoin\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Bitcoin<\/span><\/a><span data-preserver-spaces=\"true\"> token, <\/span><strong><span data-preserver-spaces=\"true\">uniBTC. <\/span><\/strong><span data-preserver-spaces=\"true\">Cybercriminals took advantage of a flaw in the system, leading to an estimated loss of around $2 million in assets.<\/span><!--more--><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\u26a0\ufe0fImportant Announcement from the Bedrock Team<\/p>\n<p>We want to inform you that the Bedrock team is aware of a security exploit involving uniBTC. The issue has been handled and funds are SAFU.<\/p>\n<p>We want to reassure everyone that the underlying wrapped BTCs and BTCs in reserves are\u2026<\/p>\n<p>&mdash; Bedrock | Bitcoin Restaking LIVE (@Bedrock_DeFi) <a href=\"https:\/\/twitter.com\/Bedrock_DeFi\/status\/1839479965685100780?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">September 27, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">The breach primarily affected decentralized exchange liquidity pools, but the underlying wrapped Bitcoin (BTC) tokens and standard BTC held in reserves remain secure.<\/span><\/p>\n<h2 style=\"text-align: left\"><span data-preserver-spaces=\"true\">Immediate Response and Assurance<\/span><\/h2>\n<p style=\"text-align: justify\"><strong><span data-preserver-spaces=\"true\">The Bedrock team swiftly addressed the issue<\/span><\/strong><span data-preserver-spaces=\"true\"> and assured users that all remaining funds on the platform were safe. In a statement on X, Bedrock announced, <\/span><strong><em><span data-preserver-spaces=\"true\">&#8220;The issue has been handled and funds are SAFU.&#8221;<\/span><\/em><\/strong><\/p>\n<p style=\"text-align: justify\"><strong><span data-preserver-spaces=\"true\">The team is actively working on a comprehensive reimbursement plan<\/span><\/strong><span data-preserver-spaces=\"true\"> for affected users, which will be shared shortly along with a detailed post-mortem report. Bedrock emphasized its commitment to transparency and user security. <\/span><\/p>\n<p style=\"text-align: justify\"><strong><span data-preserver-spaces=\"true\">The upcoming post-mortem report will outline the nature of the exploit<\/span><\/strong><span data-preserver-spaces=\"true\"> and the steps being taken to prevent future breaches. The reimbursement plan aims to compensate users for their losses and restore confidence in the platform.<\/span><\/p>\n<p style=\"text-align: justify\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-172285\" src=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/09\/BedRockDeFiTVL.jpg\" alt=\"Hackers Steal $2 Million from Bedrock Protocol \u2013 Restaking Platform Issues Reimbursement Plan\" width=\"825\" height=\"300\" srcset=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/09\/BedRockDeFiTVL.jpg 825w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/09\/BedRockDeFiTVL-300x109.jpg 300w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/09\/BedRockDeFiTVL-768x279.jpg 768w\" sizes=\"(max-width: 825px) 100vw, 825px\" \/><\/p>\n<h2 style=\"text-align: left\"><span data-preserver-spaces=\"true\">Bedrock\u2019s Market Position<\/span><\/h2>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">Launched in February 2023 by Singapore-based blockchain firm RockX, <\/span><strong><span data-preserver-spaces=\"true\">Bedrock offers a variety of staking products such as uniBTC, uniETH, and uniIOTX. <\/span><\/strong><span data-preserver-spaces=\"true\">These synthetic tokens allow users to earn yield through staking while maintaining exposure to major blockchain assets. <\/span><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">Bedrock has been particularly appealing to institutional investors due to its emphasis on strict KYC and AML compliance. <\/span><strong><span data-preserver-spaces=\"true\">According to <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/defillama.com\/protocol\/bedrock#information\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">data <\/span><\/a><span data-preserver-spaces=\"true\">from <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/crypto-economy.com\/defillama-review\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">DefiLlama<\/span><\/a><span data-preserver-spaces=\"true\">, Bedrock ranks as the eighth-largest liquid staking protocol<\/span><\/strong><span data-preserver-spaces=\"true\"> in the market, with over $240 million in total value locked (TVL) on its platform.<\/span><\/p>\n<h2 style=\"text-align: left\"><span data-preserver-spaces=\"true\">Industry Impact and Future Outlook<\/span><\/h2>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">The incident highlights the ongoing challenges and risks associated with DeFi protocols. As the industry continues to grow, security remains a critical concern. <\/span><strong><span data-preserver-spaces=\"true\">Bedrock\u2019s proactive approach to addressing the breach<\/span><\/strong><span data-preserver-spaces=\"true\"> and reimbursing affected users <\/span><strong><span data-preserver-spaces=\"true\">sets a positive example for other platforms<\/span><\/strong><span data-preserver-spaces=\"true\">. <\/span><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">The detailed post-mortem report and reimbursement plan are expected to provide valuable insights and reinforce the importance of robust security measures in the DeFi space.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>TL;DR Security Breach: Hackers exploited a flaw in Bedrock Protocol\u2019s synthetic Bitcoin token, uniBTC, resulting in a $2 million loss. The breach mainly impacted decentralized exchange liquidity pools, but core BTC reserves remain secure. Immediate Response: Bedrock assured users that the remaining funds are safe and is working on a reimbursement plan for affected users. &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Hackers Steal $2 Million from Bedrock Protocol \u2013 Restaking Platform Issues Reimbursement Plan\" class=\"read-more button\" href=\"https:\/\/crypto-economy.com\/hackers-steal-2-million-from-bedrock-protocol-restaking-platform-issues-reimbursement-plan\/#more-172284\" aria-label=\"More on Hackers Steal $2 Million from Bedrock Protocol \u2013 Restaking Platform Issues Reimbursement Plan\">Read more<\/a><\/p>\n","protected":false},"author":32,"featured_media":172286,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[102,84,111,74],"tags":[4602,5287,4708,9914,9905],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/172284"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=172284"}],"version-history":[{"count":1,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/172284\/revisions"}],"predecessor-version":[{"id":172289,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/172284\/revisions\/172289"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/172286"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=172284"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=172284"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=172284"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}