Bedrock Staking Platform Hacked Through Bug, Allows Users to Exchange 1 ETH for 1 BTC
Date: 2024-09-27 Author: Gabriel Deangelo Categories: BUSINESS
Crypto staking platform Bedrock has encountered a serious bug that affected the synthetic token uniBTC. This bug allowed users to exchange one uniBTC for one ether (ETH), which led to significant losses. The company officially confirmed the hack in a post on the X platform (formerly Twitter) on September 27 and assured that the team is already working on fixing the problem.
Bedrock representatives assured users that their funds are safe, and compensation for the stolen assets will begin soon. According to preliminary data, the total losses are about $ 2 million in cryptocurrency.
One of the platform's users noticed that the bug allowed Bitcoin to be exchanged for Ethereum, which was made possible due to a vulnerability associated with the uniBTC token, which is a synthetic bitcoin in the decentralized finance (DeFi) ecosystem. The user noted that this feature may have remained from the introduction of uniETH, which caused the glitch.
According to crypto.news, at the time of the hack, the value of one bitcoin was $ 65,449, while ether was trading at $ 2,659.
Bedrock reported that decentralized liquidity pools suffered the greatest losses, but tokens backed by real bitcoins and the bitcoins themselves in reserves were not affected. "At this time, no further action is required from users. All uniBTC tokens in accounts are safe," the company said in an official statement. The platform also promised to release a full report on the incident in the near future.
The Bedrock team has already identified the cause of the vulnerability and is working with auditors to recover the lost funds.
As a reminder, the Bedrock platform was launched in February 2023 by Singapore-based RockX. The protocol was created to make staking attractive to institutional investors, with a focus on anti-money laundering and KYC compliance. According to DeFiLlama, Bedrock ranks eighth among the largest liquid staking platforms with over $240 million in total assets locked.
