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.
