Sturdy Finance, a decentralized finance (DeFi) technology platform, has reopened its stablecoin market after experiencing a recent attack on its website.
On June 16, the platform resumed the stablecoin mTerraUSD Stablecoin Market Cap Reaches $15 Billion for the First Timearket, allowing users to access their funds. The delay in reopening the market was a precautionary measure, and no funds were at risk.
The attack occurred on June 12, resulting in the loss of 442 Ether (ETH), valued at over $800,000. The exploit took advantage of a flaw in the price oracle to drain the platform’s funds.
Sturdy Finance has taken steps to recover the lost funds by collaborating with security experts specializing in on-chain analysis and working with international law enforcement to obtain necessary data.
Interestingly, the DeFi protocol has offered a $100,000 reward to the hacker responsible for the exploit. If the attacker returns the remaining assets to their cryptocurrency wallet, they will drop the case.
However, if the money is not returned, the team has promised to reward anyone who can assist in apprehending the hacker or recovering the funds. In related news, hackers are becoming more sophisticated in hiding their stolen funds.
Chainalysis, a blockchain analytics company, released a report on June 15 detailing how hackers use mining pools to conceal their illicit gains. This technique allows them to pass off their money as revenue from legitimate mining operations instead of proceeds from ransomware attacks.
