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 <p class="is-style-lead">Steadefi, a decentralized finance (DeFi) <a rel="noopener noreferrer nofollow" title="protocol" href="https://thebittimes.com/tag/protocol.html">protocol</a>, has <a rel="noopener noreferrer nofollow" title="offer" href="https://thebittimes.com/tag/offer.html">offer</a>ed the <a rel="noopener noreferrer nofollow" title="hacker" href="https://thebittimes.com/tag/hacker.html">hacker</a>s a $33,400 <a rel="noopener noreferrer nofollow" title="bounty" href="https://thebittimes.com/tag/bounty.html">bounty</a> if they return 90% of the stolen funds by August 10. </p> 
 <p>A vulnerability exploited on Aug. 7 led to the siphoning of at least $334,000 from the platform. The <a rel="noopener noreferrer nofollow" title="protocol" href="https://thebittimes.com/tag/protocol.html">protocol</a>’s security framework has been severely undermined, exposing all assets to heightened risks.</p> 
 <p>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.</p> 
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  <img decoding="async" loading="lazy" width="2388" height="946" src="https://cdn.thebittimes.com/images/2023/08/08/535138abd3a8f4c4b70b9e0b56af50f6.webp" alt="Steadefi TVL drop | Source: DeFiLlama" class="wp-image-14183991"> 
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    Steadefi TVL drop | Source: DeFiLlama 
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 <p>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.</p> 
 <p>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. </p> 
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   <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
    <p lang="en" dir="ltr">UPDATE NOTICE:<br><br>A 2nd on-chain message has been sent with the corrected contact email address:<br>[email&nbsp;protected]<br><br>NOTICE: Steadefi has been exploited and all funds are currently at risk. https://t.co/fGQElnWvus<br><br>The message and offer from the 1st message still…</p>— Steadefi (@steadefi) August 8, 2023 
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 <p>An on-chain message was also dispatched to the exploiter’s Ethereum address. </p> 
 <p>Notable funds inflows into the identified Ethereum address on the Avalanche network commenced around 4:41 PM UTC. These inflows might reflect some funds transferred from the compromised Steadefi <a rel="noopener noreferrer nofollow" title="protocol" href="https://thebittimes.com/tag/protocol.html">protocol</a>.</p> 
 <p>Steadefi’s breach raises alarm bells in the DeFi community, prompting a collective push for bolstered security measures and preventative strategies against future breaches.</p> 
 <p>The episode underscores the urgency for constructive dialogue around security improvements across all DeFi platforms to curb the growing cases.</p> 
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Alphapo hacked, over $23 million in Bitcoin, Tron, and Ethereum stolen 
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Hacked protocol Steadefi offers $33k bounty to hacker

TheBitTimes

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