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

Senator Blumenthal Seeks Information from Cantor Fitzgerald on Tether Dealings

Senator Richard Blumenthal has requested Cantor Fitzgerald to provide records related to its business relationship with Tether, focusing on the financial gains of Commerce Secretary Howard Lutnick's family.

user avatarSatoshi Nakamura

Ledger Halts Sales Amid Fund Loss Investigations

Ledger has paused sales and shipments of its hardware wallets after reports of fund losses from customers in Southeast Asia who purchased devices from CryptoBilis.

user avatarJesper Sørensen

Project Eleven and Quantus Collaborate on Strongpoint for Future Crypto Custody

Project Eleven has partnered with Quantus to enhance crypto custody solutions through the integration of the Quantus Network into Strongpoint, targeting support for post-quantum cryptography by Q1 2027.

user avatarRajesh Kumar

Sui and Alibaba Cloud Collaborate on AI Agent Payment Integration

Sui and Alibaba Cloud are developing a payment model for AI agents to autonomously pay for cloud services using stablecoins.

user avatarLucas Weissmann

Moscow Exchange to Launch Cryptocurrency Trading on December 1

Moscow Exchange is set to begin offering cryptocurrency trading on December 1, 2023, following a new regulatory framework in Russia.

user avatarFilippo Romano

OSL Group Launches Tokenized USDGO Plus SP Fund

OSL Group has successfully tokenized the USDGO Plus SP fund, providing custody and distribution through its licensed platform in Hong Kong.

user avatarEmily Carter

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.