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

Texture Finance Recovers 90% of Stolen Funds Following Incident

user avatar

by Giorgi Kostiuk

4 hours ago


A recent incident with Texture Finance highlights a successful negotiation between the platform and the hacker, who returned a large portion of the stolen funds.

Information About the Texture Finance Hack

On July 9, 2023, Texture Finance reported a hack in its smart contract, resulting in the loss of $2.2 million in USDC. The platform immediately disabled withdrawals and initiated an investigation with auditors.

Agreement with the Hacker

To resolve the situation, Texture offered a 10% bounty on the stolen amount if the hacker returned the remaining 90%. It appears that the hacker positively responded to this offer and returned 90% of the stolen funds less than a day before the deadline.

Security Issues in DeFi

This incident underscores the ongoing security challenges in the decentralized finance space. Despite audits and checks, vulnerabilities can remain unnoticed, posing risks even to reputable platforms. On the same day as the Texture hack, another protocol, GMX, also suffered a hack resulting in $42 million in losses.

The Texture Finance incident illustrates the importance of open negotiation and finding compromises in the face of growing threats in the DeFi landscape. Many platforms continue to encounter serious security challenges that require attention from developers and users.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

Other news

Policy Reversal for DeFi in the US: What Does It Mean?

chest

The US Treasury has removed reporting requirements for DeFi, opening new growth opportunities within the sector.

user avatarGiorgi Kostiuk

Bitcoin Price Speculation: $115,000 without Official Confirmation

chest

Speculation surrounding Bitcoin potentially reaching $115,000 by July 11 remains unconfirmed.

user avatarGiorgi Kostiuk

Jonathan Gould's Appointment as OCC Chief and Impact on Crypto Regulation

chest

Jonathan Gould has become the new Comptroller of the OCC, promising enhanced regulatory clarity for banks engaging in crypto custody services.

user avatarGiorgi Kostiuk

US Treasury Repeals Crypto Broker Reporting Requirement for DeFi

chest

US Treasury has removed reporting obligations for DeFi platforms, creating a more favorable operating environment.

user avatarGiorgi Kostiuk

Jonathan Gould Confirmed as US Comptroller, Supporting Crypto Regulation Changes

chest

Jonathan Gould is confirmed as Comptroller of the Currency, potentially leading to favorable conditions for crypto assets.

user avatarGiorgi Kostiuk

GMX Exploit Results in $42M Loss and Security Risks for Arbitrum

chest

The exploit on GMX reveals vulnerabilities in decentralized protocols, affecting Arbitrum and raising security questions.

user avatarGiorgi Kostiuk
dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

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.