Crypto Platform Loses $2 Million in Hack and Offers Job to Thief

A recent security breach at the crypto liquid restaking platform Bedrock resulted in a loss of around $2 million due to a smart contract vulnerability in its uniBTC vaults.

This exploit was flagged by Web3 security firm Dedaub on September 26, but despite early warnings, Bedrock’s team failed to take timely action before the breach occurred.

The hacker had the potential to steal up to $75 million but only took $2 million. In response to the incident, Bedrock is formulating a reimbursement strategy for affected investors and collaborating with audit teams to recover the lost assets.

They even reached out to the hacker via an on-chain message on Etherscan, offering a reward for the return of the stolen funds, but as of now, there has been no reply.

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Meanwhile, other platforms like Shezmu have successfully negotiated the return of stolen funds by offering bounties.

After a similar exploit, Shezmu managed to recover nearly $5 million by agreeing to a higher bounty than initially proposed, illustrating a growing trend of on-chain negotiations following hacks.

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Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.