Bedrock Announces Refund Plan After $2 Million Attack

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Bedrock Announces Refund Plan After $2 Million Attack
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Staking protocol Bedrock has confirmed that it suffered a security exploit, resulting in an approximate loss of US$2 million related to its synthetic Bitcoin token, uniBTC. The flaw was in the protocol’s smart contracts. This allowed the hacker to mint uniBTC against Ethereum (ETH).

The security incident occurred this Friday (27), when Bedrock announced on its Twitter account that the attacker had taken advantage of the vulnerability to drain the liquidity pool of the uniBTC token. Most of the losses were in liquidity providers on decentralized exchanges. According to a statement, the protocol team has already “addressed” the issue and all Bitcoins backing uniBTC are safe.

The value of uniBTC suffered a significant devaluation following the attack, costing around $36,000. This is a 55% discount compared to the value of Bitcoin.

Bedrock said a comprehensive refund plan is being finalized and that it will share details with users soon. Additionally, the protocol will release a post-mortem report of the incident.

Bedrock details refund after attack

In an attempt to recover the stolen assets, Bedrock contacted the hacker via a message sent via the blockchain. The protocol offered the attacker the opportunity to become a “white hat hacker”. In other words, someone who uses their skills to identify vulnerabilities in an ethical way. Bedrock also proposed a reward in exchange for the return of the embezzled funds.

Bedrock’s message included an invitation for the hacker to collaborate with the protocol to improve security.

“We are happy to work on a reward for your help,” the protocol team stated. At the time of publication, the hacker had not responded to the offer.

Bedrock currently has a total value locked (TVL) of US$243 million, representing 567% growth since the beginning of the year, according to data from DeFi Llama.

The Bedrock attack is part of a growing trend of exploits in Web3 protocols. According to cybersecurity company Cyvers, losses from attacks and scams in the sector reached a record US$2.1 billion in the first three quarters of 2024. Despite this, the total market value of cryptocurrencies increased by 121 % in the last 12 months, reaching US$ 2.38 billion.

Cyvers highlighted that centralized finance (CeFi) platforms were more affected than their decentralized counterparts, with a 984% increase in losses compared to the previous year.

Bedrock Announces Refund Plan After $2 Million Attack

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Bedrock Announces Refund Plan After $2 Million Attack

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Bedrock Announces Refund Plan After $2 Million Attack

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