- If the attacker accepts the offer, the lending platform’s team won’t take any more action.
- On June 12th, over $800,000 worth of digital assets were stolen from the DeFi platform.
Sturdy Finance, a decentralized finance (DeFi) platform, has declared a $100,000 bounty to the hacker who discovered the protocol’s vulnerability. If the attacker accepts the offer, the lending platform’s team won’t take any more action.
On June 12th, over $800,000 worth of digital assets were stolen from the DeFi platform. After an attacker exploited flaws in the system. Also, according to the security companies, the vulnerability was caused by a flawed pricing oracle. And the hack was executed via a reentrancy attack. As a result, the website froze all markets and reassured users that their money was safe.
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Moreover, a day after the theft, the protocol’s co-founder, Sam Forman, tweeted that the hackers may keep $100,000 provided they returned the remaining funds to a wallet the team had designated.
Also, Forman claims that recent hacks have shown that it is no longer simple to avoid vulnerabilities. The CEO has said that the team is prepared to dismiss the matter if the hacker accepts the offer. Forman said that the hacker may come to Sturdy Finance for talks.
Furthermore, recent attacks have shown that platforms may be able to retrieve some of the stolen cash by providing rewards to attackers. On April 4, the Euler Finance team was able to negotiate and give a reward to its attacker, resulting in the return of 90% of the stolen assets in one of the largest DeFi attacks this year. Also, Sentiment, a lending protocol, offered a reward to the hacker who exploited their system and recouped $870,000.
However, not every project has the same level of success when negotiating with hackers. After an attacker exploited the Jimbos Protocol platform on June 1, the developers behind the protocol offered an $800,000 bounty to anybody who could identify the perpetrator. Moreover, the platform stated that the reward will be given to whoever provided information that results in the hacker’s arrest or the recovery of the cash.
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