Bedrock Protocol Loses $2 Million Due to Vulnerability

user avatar

by Giorgi Kostiuk

2 years ago


The Bedrock crypto liquid restaking protocol recently fell victim to a vulnerability, resulting in the loss of $2 million.

Vulnerability in uniBTC Vaults

On September 26, Web3 security firm Dedaub identified a vulnerability in Bedrock’s uniBTC vaults. Despite timely notification, the protocol failed to act before the vulnerability was exploited. A representative from Dedaub stated, “Unfortunately, even though we found the issue in the smart contract several hours before, by the time the team responded, the vulnerability had been exploited.”

Platform's Response

On September 27, Bedrock acknowledged the breach and reassured users that existing funds were safe. The attacker managed to steal $2 million, although they could have taken up to $75 million.

Reimbursement Plans

The Bedrock protocol is working on a reimbursement plan for affected investors and is collaborating with audit teams to recover the lost funds. In a unique move, Bedrock reached out to the hacker through an onchain message, offering them a reward and a position as a white hat hacker to help secure the protocol. However, the hacker has yet to respond.

The incident with the Bedrock protocol highlights the importance of ensuring security in cryptocurrency protocols and the need for timely responses to identified vulnerabilities.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Curve Finance Launches StableSwap on Stellar Mainnet

Curve Finance has launched its StableSwap system on the Stellar mainnet, marking its first native deployment outside the Ethereum ecosystem.

user avatarTando Nkube

Ondo Finance Introduces Tokenized Investment Portfolios on Solana

Ondo Finance has launched seven investment portfolio tokens on the Solana blockchain for eligible investors outside the US, providing managed exposure to tokenized equities and ETFs.

user avatarKofi Adjeman

Market Implications of Aave's Tokenized Equity Lending Explored

A case study on the market implications of borrowing against tokenized equities following the launch of Aave's V4s Equities Hub, highlighting market liquidity and associated risks.

user avatarNguyen Van Long

Aave Launches V4s Equities Hub for Non-US Investors

Aave has launched its V4s Equities Hub, allowing eligible non-US investors to borrow USDC against selected tokenized US equities.

user avatarSatoshi Nakamura

Polygon Labs Launches New Payment Controls for AI-Agent Transactions

Polygon Labs has launched new payment controls for AI-agent transactions, allowing automated agents to make purchases within defined parameters while managing associated risks.

user avatarRajesh Kumar

Polygon Labs Highlights Risks in Automated Payment Systems

Polygon Labs highlights the complexities and risks in automated payment systems, emphasizing the need for audit trails and compliance measures.

user avatarJesper Sørensen

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.