Bedrock

<p class="is-style-lead">Staking protocol Bedrock confirmed their platform was infiltrated by a bug involving uniBTC, which allowed users to exchange a uniBTC with an ETH token.</p> 
<p>Bedrock announced through an X post on Sept. 27 that they are aware of the <a rel="" href="https://crypto.news/tag/cyber-attack/">security breach</a> and the issue is currently “handled” by their team. </p> 
<p>They also assured users that the remaining funds were safe and they plan to launch a reimbursement plan in the near future, estimating the total loss to be approximately $2 million in digital assets. </p> 
<p>That being said, a user on the platform found that the bug allowed for them to exchange their Bitcoin (<a rel="" href="https://crypto.news/price/bitcoin/">BTC</a>) with Ethereum (<a rel="" href="https://crypto.news/price/ethereum/">ETH</a>). This is because the security exploit directly affected the platform’s uniBTC, a synthetic Bitcoin token used in DeFi. </p> 
<p>“This function was likely leftover from the uniETH implementation,” the user remarked.</p> 
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   <p lang="en" dir="ltr">uniBTC by <a href="https://twitter.com/Bedrock_DeFi?ref_src=twsrc%5Etfw" target="_blank">@Bedrock_DeFi</a> was exploited today. The vulnerability allowed for you to mint uniBTC with eth! This function was likely leftover from the uniETH implementation 😅 <a href="https://twitter.com/spreekaway?ref_src=twsrc%5Etfw" target="_blank">@spreekaway</a> <a rel="" href="https://t.co/Xj69wQg2GX" target="_blank">pic.twitter.com/Xj69wQg2GX</a></p>— TWAP Clapper (@TwapSlapper) <a href="https://twitter.com/TwapSlapper/status/1839381319257862220?ref_src=twsrc%5Etfw" target="_blank">September 26, 2024</a>
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<p> You might also like: <a rel="" href="https://crypto.news/cencora-paid-75m-in-bitcoin-ransomware-bloomberg/"> Cencora paid $75m in Bitcoin ransomware: Bloomberg </a> </p> 
<p>According to data from <a rel="" href="https://crypto.news/market-cap/">crypto.news</a>, Bitcoin is sold at $65,449 per token while Ethereum’s price stands at $2,659 at the time of writing.</p> 
<p>Bedrock claimed most of the losses were from decentralized exchange liquidity pools and clarified that the underlying wrapped Bitcoin tokens and standard Bitcoin that are held in reserves were secure.&nbsp;</p> 
<p>“At this time, no extra actions are required from our community. Rest assured that all uniBTC held by users are safe,” said Bedrock, adding that the platform will release a post-mortem report shortly.</p> 
<p>As of right now, the protocol’s team has identified the root cause of the security exploit and are working closely with their audit teams to recover the lost funds.</p> 
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   <p lang="en" dir="ltr">⚠️Important Announcement from the Bedrock Team<br><br>We want to inform you that the Bedrock team is aware of a security exploit involving uniBTC. The issue has been handled and funds are SAFU.<br><br>We want to reassure everyone that the underlying wrapped BTCs and BTCs in reserves are…</p>— Bedrock | Bitcoin Restaking LIVE (@Bedrock_DeFi) <a href="https://twitter.com/Bedrock_DeFi/status/1839479965685100780?ref_src=twsrc%5Etfw" target="_blank">September 27, 2024</a>
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<p> Bedrock was launched in February 2023 by Singapore-based blockchain firm RockX. The protocol was designed to make liquid staking attractive for institutional investors by prioritizing compliance with know-your-customer and anti-money laundering regulations.</p> 
<p>Bedrock is ranked as the eighth-largest liquid staking protocol according to <a href="https://defillama.com/protocol/bedrock#information" target="_blank">DefiLlama</a>, worth over $240 million in total value locked on its platform.&nbsp;</p> 
<p> Read more: <a rel="" href="https://crypto.news/coinstats-releases-incident-report-following-2-2m-security-breach/"> CoinStats releases incident report following $2.2m security breach </a> </p>

Crypto staking platform Bedrock exploited via a bug, users can swap 1 ETH for 1 BTC

crypto.news

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