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Bug in Bedrock Protocol Allowed uniBTC to ETH Swaps

user avatar

by Giorgi Kostiuk

a year 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.

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