Bug in Bedrock Protocol Allowed uniBTC to ETH Swaps

user avatar

by Giorgi Kostiuk

2 years ago

The staking protocol Bedrock reported a bug involving uniBTC tokens, which allowed users to exchange them for ETH.

Vulnerability Discovery

On September 27, Bedrock announced that the team is aware of the issue and is handling it. Users were assured that the remaining funds are safe. The total loss is estimated to be approximately $2 million in digital assets.

This function was likely leftover from the uniETH implementation.Platform User

Bedrock's Response

Bedrock assured that most of the losses were from decentralized exchange liquidity pools, and the underlying wrapped Bitcoin tokens and standard Bitcoin held in reserves were secure. The team stated that no extra actions are required from users and that a post-mortem report would be released soon.

History of Bedrock Protocol

Launched in February 2023 by the Singapore-based blockchain company RockX, the Bedrock protocol was designed to make liquid staking attractive for institutional investors by prioritizing compliance with KYC and AML regulations. According to DefiLlama, Bedrock is ranked as the eighth-largest liquid staking protocol with over $240 million in total value locked.

Bedrock continues to work on mitigating the impacts of the vulnerability while assuring users that their funds are safe. A full post-mortem report will be released soon.

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

Google Launches TPU 8tx and TPU 8i Max AI Systems to Challenge Nvidia

Google has launched TPU 8tx and TPU 8i Max AI systems to enhance privacy and memory capabilities, aiming to compete with Nvidia.

user avatarKofi Adjeman

Nvidia's Stock Plummets Amid Scandal and Google’s AI Chip Launch

Nvidia's stock has dropped significantly following CEO Jensen Huang's admission of an extramarital affair, coinciding with Google's announcement of new AI chips.

user avatarNguyen Van Long

FATF to Review Jurisdictions with Weak Virtual Asset Oversight

The Financial Action Task Force (FATF) will review jurisdictions with longstanding shortcomings in virtual asset regulation to identify necessary actions for the upcoming plenary.

user avatarSatoshi Nakamura

Stellar Development Foundation Makes Strategic Investment in Marketnode

On October 29, the Stellar Development Foundation announced a strategic investment in Marketnode to enhance institutional access to tokenized investment products in the Asia-Pacific region.

user avatarJesper Sørensen

Tokenization Efforts in Wall Street Face Challenges

Tokenization efforts on Wall Street face challenges as major companies opt out, highlighting volatility and illiquidity in the market.

user avatarRajesh Kumar

NYSE Partners with Avalanche for Tokenized Securities Platform

The New York Stock Exchange has partnered with Avalanche to create a tokenized securities platform, aiming for 24/7 trading and settlement, pending regulatory approval.

user avatarLucas Weissmann

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.