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Sturdy Finance has reopened its doors to the stablecoin market, not long after an exploit that washed away $800K. Platform announced via a tweet that it has continued operations on the stablecoin market, allowing users to access their funds without any convenience. Sturdy Finance informs its users that none of their assets are at risk, and the only reason for pausing the market is out of caution after exploitation. However, the platform disabled the bb-a-USD pool in an attempt to improve security.
The stablecoin market is now unpaused, allowing users in this market to access their funds!
No fund in this market is at risk; the market just stopped out of extreme caution. As an additional security measure, bb-a-USD pools have been disabled 🛡 pic.twitter.com/uRL0gKQSEJ
— Sturdy 🧱 (@SturdyFinance) June 16, 2023
On June 12 this year, Sturdy Finance had to shut down all of its markets following a massive hack that led to the theft of around 442 ETH. It contributed nearly $800,000 at that time. It is believed that exploiters are taking advantage of a faulty pricing oracle, and using it to their advantage by draining funds from the platform.
The update follows shortly after the exploit which highlights how the team at Sturdy Finance collaborated with a number of security experts who specialize in on-chain analysis. This is done so that stolen funds can be recovered in a short time. The platform also explained that they are working closely with global law enforcement to gather the necessary information.
Financial Solid Offers $100K Bounty
Sturdy Finance has offered an amount of around $100K as a reward for hackers. The platform also made it clear that it would release the whole situation if the hacker took the prize and returned all the stolen funds. The company also mentions that if these funds are not returned promptly, they will offer an amount of $100K to anyone who will provide sufficient information leading to the arrest of the exploiter.
Considering how exploits started to increase rapidly in DeFi world, exploiters have started the development of new ways to hide their stolen funds. On June 15, Chainalysis, a well-known blockchain analytics company, shared data highlighting how hackers are using mining pools to hide their ill-gotten gains. Hackers use this method extensively to disguise these stolen funds as revenue from mining activities.
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