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.
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.
The Dutch Authority for the Financial Markets (AFM) has warned of the risks of “pump and dump” schemes in the cryptocurrency sector ahead of the introduction of new rules.
A significant crypto incident has led to the loss of over $32 million in tokens after a whale mistakenly executed a malicious transaction, according to blockchain security firm ScamSniffer.
Authorities recently confiscated over $6 million in cryptocurrency linked to scammers based in Southeast Asia who targeted U.S. citizens with fraudulent investment schemes.
Executive Adam Iza connected to the Zort platform, is facing serious allegations of running an extortion operation involving officials from the Los Angeles County Sheriff’s Department (LASD), according to the FBI.