Ethereum

DeFi

when

USDC

Foundation

In a recent incident involving Blueberry Protocol’s decentralized finance (DeFi) platform, a white hat hacker going by the name ‘c0ffeebabe.eth’ stepped in to prevent a staggering loss of $1.3 million. Thanks to their swift intervention, the platform was able to pause operations, effectively securing the funds after an exploit.&nbsp;
This action mirrors a similar event in 2023 when this white hat hacker successfully recovered $5.4 million. It’s clear how important cybersecurity is in the growing <a href="https://news.todayq.com/enhancing-defi-equalizer-introduces-new-meta-aggregator-and-airdrop-explorer-services/" target="_blank" rel="noopener noreferrer nofollow">DeFi space</a> based on the value of the tokens involved in the recent exploit and recovery. It has also been previously stated that DeFi protocols are popular targets for hackers. What is the buzz about? 
Digital currencies can be lent and borrowed with Blueberry Protocol. Someone found a way to hack it and take money. In order to prevent further losses, the people in charge immediately told everyone to withdraw their money. Even though they acted fast, the website where people could use the protocol stopped working, making things more difficult.
Luckily, within 30 minutes, the people running the protocol stopped it. The quick action kept people’s money safe and prevented further problems. “c0ffeebabe.eth” played a big role during this tough time.
“All drained funds were front run by @coffeebabe_eth and are now safe in the Blueberry multisig, less the validator payment. The protocol has been paused until further notice. Further details and a full post-mortem will be posted as soon as available,” said the Blueberry Protocol Foundation.
Further details of the exploit:All of the drained funds were front run by @ coffeebabe_eth (not real twitter, not on socials) and are now safe in the Blueberry multisig, less the validator payment.The team is in contact with security and comms professionals and will attempt…— Blueberry Protocol Foundation 🫐🫐 (@blueberryFDN) 
Bitcoin, Olympus, and <a href="https://news.todayq.com/justin-sun-makes-cryptic-response-to-usdc-exit-from-tron/" target="_blank" rel="noopener noreferrer nofollow">USDC</a> were among the markets hit by the hack. This put the total value of money locked in the Blueberry Protocol at risk. Things didn’t get out of hand too fast, so the protocol’s value was kept safe. Similar ‘white hat hacker’ instances 
In July 2023, there was a big problem in Curve Finance, where attackers stole over $50 million. They did this using something called a reentrancy attack because <a href="https://news.todayq.com/curve-finance-hacker-returns-5495-eth-of-stolen-crypto-to-jpegd/" target="_blank" rel="noopener noreferrer nofollow">Curve Finance</a> was using old versions of a programming language called Vyper. Even though Vyper’s official documents said to use these versions, they were actually risky.
After this attack, there was a good thing that happened. The person named ‘c0ffeebabe.eth’ used a special trading bot on Ethereum to fight back. This bot was able to outsmart the attackers and save $5.4 million that they were trying to steal. The money was given back to the Curve team to make up for what was stolen.
However, crypto still has lots of security issues. Just in January 2024, hackers took over $180 million from crypto users. There’s no denying that DeFi dangers are getting worse.
Last year, in 2023, things were just as bad. The DeFi world lost a huge $1.8 billion to bad actors. Digital money is a lot more secure with good security measures and ethical hackers can do a lot.
Get Crypto Trading Signals from Real Crypto Analysts. Join our Waiting List at todayq.com

White hat hacker saves $1.3M in Blueberry Protocol Attack, What happened?

Todayq News

在 2024年2月23日發表的其他文章

Yet-to-Be Launched Xmail of ‘X’ Might Hurt Gmail- Claims

Tyler Perry Halts $800 Million Studio Expansion Due to AI Advancements

$3.9M Raised in Under 10 Days: Pioneering BRC-20 ICO’s Momentum Continues

Ethereum hits $3,000 as DeeStream attracts Dogecoin and Bitcoin Cash

Filecoin Gains 10% Following Its Integration With Solana; Ambitious Goals for Shiba Inu’s Rising ...

Spot Bitcoin ETFs are reshaping gold-backed investments

訂閱免費電子報，每天收取加密貨幣最新動態！