Million

Coin

<ul class="news-points"> 
 <li>Steadefi was recently exploited after its protocol deployer wallet was compromised.</li> 
 <li>The DeFi protocol lost $1.14 million in the hack, which drained the lending capacity on Arbitrum and Avalanche.</li> 
 <li>The Steadefi team has offered the hacker/hackers a 10% bounty if they agree to return the remaining funds.</li> 
</ul> 
Steadefi, a decentralized finance application, suffered a hack earlier today. The <a href="https://coinedition.com/what-is-defi-lets-understand-decentralized-finance/" rel="noopener noreferrer nofollow">DeFi protocol</a>, which offers leveraged yield vaults and lending pools, was exploited to the tune of $1.14 million after its protocol deployer wallet, which also controlled all of the app’s vaults, was compromised. The Steadefi team has attempted to contact the responsible parties in a bid to recover the lost assets. 
The Steadefi team took to X (formerly Twitter) earlier today to inform its community about the exploit. According to on-chain data gathered by the team, the perpetrator transferred ownership of all lending and strategy vaults to a wallet controlled by them. This was followed by using the newly acquired wallets to borrow the maximum possible amount from the lending pools. 
A post-mortem of the exploit revealed that the hacker managed to drain all available lending cap… 
The post <a rel="noopener noreferrer nofollow" href="https://coinedition.com/defi-protocol-steadefi-exploited-for-over-1-1-million/">DeFi Protocol Steadefi Exploited for Over $1.1 Million</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinedition.com">Coin Edition</a>.

DeFi Protocol Steadefi Exploited for Over $1.1 Million

Coin Edition

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