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Steadefi, a decentralized finance (<a href="https://crypto.news/learn/defi-investing/" rel="noopener noreferrer nofollow">DeFi</a>) protocol, has offered the hackers a $33,400 bounty if they return 90% of the stolen funds by August 10. 
A vulnerability exploited on Aug. 7 led to the siphoning of at least $334,000 from the platform. The protocol’s security framework has been severely undermined, exposing all assets to heightened risks. 
Steadefi’s Total Value Locked (TVL), a crucial gauge of staked assets, has suffered a significant drop post-attack, eroding user confidence in the DeFi ecosystem. 
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 <img decoding="async" width="2388" height="946" src="https://crypto.news/app/uploads/2023/08/Screenshot-2023-08-08-at-19.13.51.png" alt="Steadefi TVL drop | Source: DeFiLlama" class="wp-image-14183991"> 
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 Steadefi TVL drop | Source:<a href="https://defillama.com/protocol/steadefi" data-type="URL" data-id="https://defillama.com/protocol/steadefi" target="_blank" rel="noopener noreferrer nofollow"> DeFiLlama</a> 
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Steadefi openly acknowledged the breach in a Twitter post, declaring that all funds were “currently at risk.”&nbsp;The company is currently seeking negotiations with the hacker. 
If 90% of stolen funds are returned by Aug. 10, the hacker can keep the other 10%. However, if the attacker fails to comply with the deadline, Steadefi will offer the same bounty to the public to search for the bad actor. 
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 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 UPDATE NOTICE: A 2nd on-chain message has been sent with the corrected contact email address: SteadefiNegotiation@protonmail.me NOTICE: Steadefi has been exploited and all funds are currently at risk. <a href="https://t.co/fGQElnWvus" target="_blank" rel="noopener noreferrer nofollow">https://t.co/fGQElnWvus</a> The message and offer from the 1st message still…— Steadefi 🔺💙🔶 (@steadefi) <a href="https://twitter.com/steadefi/status/1688706153080078336?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 8, 2023</a> 
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An on-chain message was also dispatched to the exploiter’s Ethereum address. 
Notable funds inflows into the identified <a href="https://crypto.news/learn/ethereum-nodes-and-clients-a-complete-guide/" rel="noopener noreferrer nofollow">Ethereum </a>address on the Avalanche network commenced around 4:41 PM UTC. These inflows might reflect some funds transferred from the compromised Steadefi protocol. 
Steadefi’s breach raises alarm bells in the DeFi community, prompting a collective push for bolstered security measures and preventative strategies against future breaches. 
The episode underscores the urgency for constructive dialogue around security improvements across all <a href="https://crypto.news/learn/what-are-defi-tokens/" rel="noopener noreferrer nofollow">DeFi</a> platforms to curb the growing cases. 
 Read more: <a href="https://crypto.news/alphapo-hacked-over-23-million-in-bitcoin-tron-and-ethereum-stolen/" rel="noopener noreferrer nofollow"> Alphapo hacked, over $23 million in Bitcoin, Tron, and Ethereum stolen </a>

Hacked protocol Steadefi offers $33k bounty to hacker

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