The SteadDeFi team said that all the funds are at risk, as a hacker exploited the protocol & hijacked the team’s deployer address private key.
Steadefi is an advanced leveraged yield aggregator that focuses on maximizing yields from a variety of sources while managing market risks automatically.
On 8 Aug 2023, The SteaDefi team confirmed that all the funds on the SteadDefi protocol are at risk. The unknown hacker(s) drained $334,000 funds from the platform.
The Defi protocol team officially invited the crypto detectives & investigators to participate in this matter for 10% of the bounty reward.
Also, the team provided an email address for the hacker and offered to keep 10% of the stolen funds before 10 Aug, otherwise, it will initiate legal action against the exploiter.
As per reports, the hacker stole the private key of the team’s deployer address, and that made the hacker able to borrow any available funds from the lending vaults.
Curve Finance
Earlier one week ago, the popular stablecoin Defi protocol was exploited by an unknown hacker. Through the hack attack, the hacker successfully drained $73.5 million worth of crypto assets from different Curve Finance pools.
Later on negotiation, the hacker returned 73% of the stolen funds.
So far the Curve finance team is waiting for another $19.7 million in funds.
Following this news, the Curve Dao token (CRV) struggled badly. The current trade price of the CRV token is 13.6% high over the last 7 days of trade price.
Defi attacks
This year several crypto analytic platforms reported that the hackers mainly targeted the Defi protocols to steal funds. If we talk about figures then 70% of the Defi platforms were exploited by the hackers over Centralized Finance (Cefi) platforms.
This is showing that Defi platforms are highly vulnerable & probably need huge improvement & development, to fight against hacking attacks.
Read also: PayPal launches “PayPal Stablecoin”
