• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

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.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Adobe Stock Price Targets Adjusted by Analysts Following CEO Exit

chest

Following the CEO's departure, multiple firms have adjusted their price targets for Adobe stock, reflecting market uncertainty.

user avatarMaria Fernandez

Adobe Stock Price Plummets After CEO Shantanu Narayen Steps Down

chest

Adobe's stock price dropped nearly 9% after CEO Shantanu Narayen's departure announcement, despite strong Q1 2026 earnings.

user avatarKenji Takahashi

SEC Proposes Significant Change to Rule 15c211, Excluding Crypto Assets

chest

The SEC proposed an amendment to Rule 15c211, limiting its application to equity securities and excluding crypto assets.

user avatarGustavo Mendoza

AIntuition Collection Set to Transform NFT Landscape with Real-World Benefits

chest

The AIntuition Collection is set to launch, offering 15,000 NFTs that provide real-world utility and exclusive services.

user avatarRajesh Kumar

Shiba Inu Shorts Liquidated in Dynamic Squeeze

chest

Shiba Inu has experienced a significant rally, resulting in the liquidation of shorts worth $50,000 in just 24 hours.

user avatarMiguel Rodriguez

Generation Z Faces Severe Challenges in Home Affordability

chest

Generation Z is facing severe challenges in affording housing, with many resorting to significant sacrifices. Reports indicate that potential homebuyers may need to earn $111,000 a year to afford a typical home in the US, which is $25,000 more than the median household income. To cope with these high costs, Gen Z is making drastic lifestyle changes, including selling their belongings, moving back in with their parents, and taking on side hustles.

user avatarArif Mukhtar

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.