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Decentralized finance (DeFi) protocol Sturdy Finance, recently exploited on its platform, has reopened its stablecoin market.
On June 16, the lending platform announced that it had suspended the stablecoin market, allowing users access to their funds. The DeFi protocol has informed its users that no funds are at risk, and the decision to suspend the market was made simply out of “too much caution.”
The stablecoin market is now unpaused, enabling users in this market to access their funds!
No funds in this market were ever at risk; the market was only paused out of an abundance of caution. As an additional safety measure, the bb-a-USD pool has been disabled pic.twitter.com/uRL0gKQSEJ
— Sturdy (@SturdyFinance) June 16, 2023
On June 12, the platform suspended all markets in response to an attack that resulted in the loss of 442 ether (ETH), worth about $800,000 at the time. The exploit took advantage of a flawed price oracle and used it to withdraw funds from the platform.
In a community update, Sturdy Finance noted that their team is collaborating with security experts who specialize in chain analysis to extract funds. Apart from this, the team also emphasized that they are working with global law enforcement agencies to gather information.
Related: Atomic Wallet hacker sends crypto to mixer used by Lazarus Group: Elliptic
The DeFi protocol also recently offered a $100,000 reward to the hacker who carried out the exploit. According to the team, they are ready to leave the case if the attacker returns the rest of the funds to their cryptocurrency wallet. However, the team also mentioned in a community update that if funds are not returned, they are also offering money to anyone who can help seize or recover funds.
In other news, hackers are coming up with more sophisticated ways to hide stolen funds. On June 15, 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 came from mining and not from ransomware attacks.