{"id":408225,"date":"2023-06-16T16:06:37","date_gmt":"2023-06-16T16:06:37","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=408225"},"modified":"2023-06-16T16:06:54","modified_gmt":"2023-06-16T16:06:54","slug":"sturdy-stablecoin-reopens-after-massive-exploit-of-800k","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/sturdy-stablecoin-reopens-after-massive-exploit-of-800k","title":{"rendered":"Sturdy Stablecoin Reopens After Massive Exploit of $800K"},"content":{"rendered":"

A DeFi platform Sturdy stablecoin Finance, resumes full business activities today, June 16, 3 days after the recent exploit on its platform.\u00a0<\/span><\/p>\n

In <\/span>a recent tweet<\/span><\/a> on June 16, the lending platform announced that the Stablecoin market is now unparsed, granting user access to their funds. <\/span>The DeFi protocol reassured its users that their funds remained secure, stating, “No funds in this market were ever at risk.\u201d\u00a0<\/span><\/p>\n

Stablecoin Market Resumes on Lending Platform, Assuring Users of Fund Security<\/h2>\n

DeFi exploitations, which involve security vulnerabilities and unauthorized access, pose significant risks to users’ funds and the overall stability of the DeFi ecosystem.<\/span><\/p>\n

According to the tweet, the platform claimed that the temporary pause of the stablecoin market was a precautionary measure taken to ensure safety. <\/span>Attached is a report <\/span>outlining the exploit and an update<\/span><\/a> on their investigation published by Sturdy Finance for the community.\u00a0<\/span><\/p>\n

Notably, Sturdy Finance was alerted by a blockchain security firm <\/span>PeckShield<\/span><\/a>, reporting a transaction that seemed to be related to price manipulation.<\/span><\/p>\n

After nearly an hour, the DeFi protocol <\/span>acknowledged the exploit<\/span><\/a> and promptly took action. They swiftly halted all their markets and reassured their users that no further funds were in jeopardy.<\/span><\/p>\n

PeckShield <\/span>confirmed<\/span><\/a> that the attacker managed to move 442 ETH (approximately $800,000) to Tornado Cash which helped them to hide the funds, even though the DeFi lending platform acted quickly. <\/span>The exploit was executed by leveraging a flawed price oracle, which allowed the attacker to withdraw funds from the platform.<\/span><\/p>\n

The blockchain security company also pointed out that the hack was done through a common hacking method known as a reentrancy attack.<\/span><\/p>\n

This method allows hackers to manipulate the system by repeatedly calling a function in a single transaction before the initial function call is complete. <\/span>By doing this, hackers can withdraw more money than they were supposed to, surpassing the usual limits that are in place.<\/span><\/p>\n

However, <\/span>in a tweet<\/span><\/a> by Sturdy Finance executive, he said they’re offering a $100,000 bounty to the hacker who performed the attack.<\/span><\/p>\n

But, if the hacker refuses to return the funds to their wallet, the team emphasized that they’ll offer the money to anyone willing to assist them in arresting or recovering the funds.<\/span><\/p>\n

Notable Exploits in the Crypto Market 2023<\/h2>\n

GDAC Hack<\/h3>\n

A centralized crypto<\/a> exchange, GDAC, based in South Korea, was targeted in its first-ever attack.\u00a0<\/span>This incident marked a significant milestone for the exchange as it faced a security breach for the first time. <\/span>On April 9, the perpetrator seized control of GDAC’s hot wallets, resulting in a staggering theft of nearly $14 million.\u00a0<\/span><\/p>\n

According to an <\/span>announcement made<\/span><\/a> by GDAC CEO Han Seunghwan on April 10, the exchange temporarily suspended all deposits and withdrawals and is currently undergoing emergency server maintenance.<\/span><\/p>\n

\n <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

A DeFi platform Sturdy stablecoin Finance, resumes full business activities today, June 16, 3 days after the recent exploit on its platform.\u00a0 In a recent […]<\/a><\/div>","protected":false},"author":1916,"featured_media":408234,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[14468,14467],"class_list":["post-408225","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-more-crypto-news","tag-gdac-hack","tag-stable-coin"],"acf":[],"yoast_head":"\nSturdy Stablecoin Reopens After Massive Exploit of $800K - InsideBitcoins.com<\/title>\n<meta name=\"description\" content=\"According to the tweet, the platform claimed that the pause of the stablecoin market was a precautionary measure taken to ensure safety.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/408225\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sturdy Stablecoin Reopens After Massive Exploit of $800K\" \/>\n<meta property=\"og:description\" content=\"According to the tweet, the platform claimed that the pause of the stablecoin market was a precautionary measure taken to ensure safety.\" \/>\n<meta property=\"og:site_name\" content=\"InsideBitcoins.com\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-16T16:06:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-16T16:06:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/06\/Stablecoin.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Asad Gillani\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Asad Gillani\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/408225#article\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/408225\"},\"author\":{\"name\":\"Asad Gillani\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/49993983b56f9db439a2d4cffedd001d\"},\"headline\":\"Sturdy Stablecoin Reopens After Massive Exploit of $800K\",\"datePublished\":\"2023-06-16T16:06:37+00:00\",\"dateModified\":\"2023-06-16T16:06:54+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/408225\"},\"wordCount\":463,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/408225#primaryimage\"},\"thumbnailUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/06\/Stablecoin.png\",\"keywords\":[\"GDAC Hack\",\"Stable coin\"],\"articleSection\":[\"More Crypto News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/408225#respond\"]}],\"copyrightYear\":\"2023\",\"copyrightHolder\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/408225\",\"url\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/408225\",\"name\":\"Sturdy Stablecoin Reopens After Massive Exploit of $800K - 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