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Steadefi, a decentralized finance (DeFi) protocol, has offered the hackers a $33,400 bounty if they return 90% of the stolen funds by August 10.
A vulnerability exploited on Aug. 7 led to the siphoning of at least $334,000 from the platform. The protocol’s security framework has been severely undermined, exposing all assets to heightened risks.
Steadefi’s Total Value Locked (TVL), a crucial gauge of staked assets, has suffered a significant drop post-attack, eroding user confidence in the DeFi ecosystem.
Steadefi TVL drop | Source: DeFiLlama
Steadefi openly acknowledged the breach in a Twitter post, declaring that all funds were “currently at risk.” The company is currently seeking negotiations with the hacker.
If 90% of stolen funds are returned by Aug. 10, the hacker can keep the other 10%. However, if the attacker fails to comply with the deadline, Steadefi will offer the same bounty to the public to search for the bad actor.
UPDATE NOTICE:A 2nd on-chain message has been sent with the corrected contact email address:[email protected]NOTICE: Steadefi has been exploited and all funds are currently at risk. https://t.co/fGQElnWvusThe message and offer from the 1st message still…— Steadefi (@steadefi) August 8, 2023
An on-chain message was also dispatched to the exploiter’s Ethereum address.
Notable funds inflows into the identified Ethereum address on the Avalanche network commenced around 4:41 PM UTC. These inflows might reflect some funds transferred from the compromised Steadefi protocol.
Steadefi’s breach raises alarm bells in the DeFi community, prompting a collective push for bolstered security measures and preventative strategies against future breaches.
The episode underscores the urgency for constructive dialogue around security improvements across all DeFi platforms to curb the growing cases.
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