Resilient DeFi Platform Resumes Stablecoin Market Operations 72 Hours After $800K Breach
Sturdy Finance, a decentralized finance (DeFi) protocol, has successfully reopened its stablecoin market following a recent security breach. In response to the attack, which resulted in the loss of approximately $800,000 worth of Ether (ETH), the platform temporarily halted all trading activities as a precautionary measure. However, the protocol assured its users that their funds were not in jeopardy.
On June 16, Sturdy Finance announced the resumption of its stablecoin market, allowing users to access their funds once again. The platform’s decision to pause the market was primarily driven by an abundance of caution, and it is now confident in the security measures implemented to safeguard user assets.
The Sturdy Finance team is actively collaborating with renowned security experts who specialize in on-chain analysis to recover the stolen funds. Additionally, the platform is working closely with law enforcement agencies worldwide to gather valuable information that can aid in the investigation.
As part of its efforts to resolve the situation, Sturdy Finance has offered a generous $100,000 bounty to the individual responsible for the exploit. If the attacker chooses to return the remaining funds to the platform’s crypto wallet, the matter will be considered resolved. However, in the event that the funds are not returned, the protocol is extending the reward to anyone who can assist in identifying and apprehending the culprit or recovering the funds.
In related news, hackers continue to devise innovative techniques to obscure their illicitly obtained funds. A recent report by blockchain analytics firm Chainalysis revealed how these cybercriminals employ mining pools to conceal their ill-gotten gains, making them appear as legitimate earnings from mining operations rather than proceeds from ransomware attacks.