Sturdy Finance Resumes Stablecoin Trading

Sturdy Finance, a decentralized finance (DeFi) protocol, has reopened its stablecoin market following a recent vulnerability on its platform.

The lending platform announced on June 16 that it had resumed trading in stablecoins, enabling users access to their funds.

The DeFi protocol informed its users that there was no danger to their funds and that the decision to pause the market was made out of “an abundance of caution.”

On June 12, the platform halted all markets due to an attack that resulted in the loss of 442 Ethereum valued at approximately $800,000.

The exploit exploited a flawed price oracle to siphon funds from the platform.

Sturdy Finance stated in a community update that its team is collaborating with security experts specializing in on-chain analysis to retrieve the funds.

The team also emphasized cooperating with international law enforcement to collect data.

The DeFi protocol offered a $100,000 bounty to the intruder who successfully exploited the system.

The team will drop the matter if the assailant returns the remaining funds to its cryptocurrency wallet.

However, the team also specified in the update to the community that if the funds are not returned, it will offer the money to anyone who assists in making an arrest or recovering the funds.

In other news, hackers devise increasingly ingenious methods to conceal stolen funds. Chainalysis, a blockchain analytics company, published a report on how hackers use mining pools to hide their illicit gains on June 15.

Hackers utilize this method to disguise their funds as profits from mining rather than ransomware attacks.