After recently suffering from a recent exploit on their platform, decentralized finance (DeFi) Sturdy Finance protocol has reopened its stablecoin market.
On June 16, the lending platform announced that it had resumed the stablecoin market, allowing users to access their funds. The DeFi protocol told its users that no funds were at risk and that the decision to pause the market was simply made out of "an abundance of caution."
The stablecoin market is no longer paused, allowing users of this market to access their funds!
No fund in this market was ever at risk; the market was only stopped as a precaution. As an additional security measure, the bb-a-USD pool has been disabled pic.twitter.com/uRL0gKQSEJ
โ Sturdy (@SturdyFinance) June 16, 2023
On June 12, the platform stopped all markets in response to an attack that led to the loss of 442 Ether (ETH), worth around $800,000 at the time. The exploit took advantage of a flawed price oracle and used it to drain funds from the platform.
In a community update, Sturdy Finance noted that his team is collaborating with security experts specializing in on-chain analysis to recover the funds. The team also highlighted that it is working with the world police to gather information.
Related: Atomic Wallet Hacker Sends Cryptocurrency To Mixer Used By Lazarus Group: Elliptic
The DeFi protocol also recently offered a $100,000 reward the hacker who performed the exploit. According to the team, they are willing to let the matter drop if the attacker returns the rest of the funds to his crypto wallet. However, the team also mentioned in the community update that if the funds are not returned, they are also offering the money to anyone who can help arrest or recover the funds.
In other news, hackers are coming up with more ingenious ways to hide the funds they stole. On June 15, blockchain analytics firm Chainalysis published a report detailing how hackers are using mining pools to hide their ill-gotten gains. Hackers use this method to create the illusion that their funds come from mining activities and not from ransomware attacks.
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