Rally

Oasis

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Shezmu

<ul class="wp-block-list">
 <li><strong>Shezmu recovered $5 million after negotiating with hackers for stolen funds.</strong></li>
 <li><strong>Key leak suspected in the breach, affecting ShezETH and ShezUSD.</strong></li>
</ul>
<p>The crypto market continues to face multiple hacking incidents, with the latest targeting Shezmu, a leveraged yield protocol. On September 21, Chaofan Shou, co-founder of blockchain analytics firm Fuzzland, raised alarms regarding a compromised storage vault belonging to Shezmu, leading to the theft of approximately $4.9 million in cryptocurrencies. The nature of the incident remains unclear, with speculation around whether it was a rug pull or a genuine attack.</p>
<p>Shezmu confirmed that its ShezmuUSD (ShezUSD) stablecoin vault was exploited, prompting immediate action. The protocol offered the hacker a 10% bounty reward in exchange for the return of 90% of the stolen funds, with no legal repercussions.</p>
<p>However, the hacker <a href="https://www.binance.com/en-IN/square/post/2024-09-21-shezmueth-token-suspected-of-attack-due-to-key-leak-13820423414682" rel="noopener noreferrer nofollow">countered</a>, demanding a 20% bounty, which Shezmu eventually agreed to. The protocol set a 24-hour window for compliance, with the threat of involving law enforcement if the hacker refused.</p>
<h3 class="wp-block-heading" id="h-recovery-of-funds">Recovery Of Funds</h3>
<p>Within hours, Shezmu successfully recovered 282.18 <a href="https://thenewscrypto.com/can-ethereum-eth-leverage-bullish-signals-to-spark-a-rally/" rel="noopener noreferrer nofollow">ETH</a> and 137 Wrapped Ether (<a href="https://coinmarketcap.com/currencies/weth/" rel="noopener noreferrer nofollow">WETH</a>), valued at over $5 million, following negotiations with the hacker. However, as of the latest update, not all stolen funds had been returned. The team advised users to avoid interactions with its <a href="https://thenewscrypto.com/what-are-dapps-and-how-are-they-built/" rel="noopener noreferrer nofollow">DApp</a> until further notice.</p>
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 <blockquote class="twitter-tweet">
  <p lang="en" dir="ltr">Update: An additional 137 WETH was recovered from the shezUSD white hat and returned to the Shezmu Treasury!<a href="https://t.co/K2AnPkme9F" rel="noopener noreferrer nofollow">https://t.co/K2AnPkme9F</a><br><br>As we continue to recover the remaining funds, please do not interact with Oasis until further updates. Thank you for your continued support</p>— Shezmu (@ShezmuTech) <a href="https://twitter.com/ShezmuTech/status/1837337759117123778?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 21, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>Meanwhile, Web3 security firm Ancilia, Inc. also reported that Shezmu’s ShezETH token had been attacked. And that it happened potentially due to a key leak. This resulted in the unauthorized minting of 9,900 ShezETH tokens, which were traded for 332 ETH, amounting to $880,000. ShezmuUSD was also compromised, possibly connected to the same key leak, though details remain uncertain.</p>
<p>The Shezmu team continues to investigate the breach, urging investors to remain cautious and await further updates on the status of the remaining funds.</p>
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How Did Shezmu Recover $5M After a Major Crypto Vault Hack?

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