The DeFi application Steadefi fell victim to a hacking incident resulting to a loss of $334,000 worth of funds on August 7th. The Steadefi team confir
The DeFi application Steadefi fell victim to a hacking incident resulting to a loss of $334,000 worth of funds on August 7th. The Steadefi team confirmed that all the funds on the Steadefi protocol are at risk.
According to the report, the tokens transferred to the address include 130,429 USD coins, 3.39 BTC, 15 WETH, and 6,184 AVAX. All other tokens aside from WETH were swapped for WETH amounting to a total of 184 WETH bridged to another network via Synapse bridge.
The attacker reportedly stole the private key to the team’s deployer wallet. This enabled them to access and execute functions limited to the owner. Subsequently, they initiated OwnerOnly transactions, including granting any wallet the ability to borrow funds from the lending vaults.
Unfortunately, all loanable funds were stolen by the hacker but the collateral held in vaults and not lent out has not been drained because the app doesn’t contain an OwnerOnly function to remove the deposits. So users who deposited to the “strategy” vaults may still be able to withdraw at least some of their funds.
Moreover, the attacker paused farming contracts using an OwnerOnly function so the users who deposited svTokens or ibTokens won’t be able to withdraw with their funds currently stuck inside the app’s contracts.
Steadefi is a next-gen decentralized finance (DeFi) protocol that aims to provide the highest and most sustainable real yields to investors without the hassle of constant position management or the prolonged downturns of the crypto markets.
At this stage, the Steadefi team officially invited the crypto detectives and investigators to help with the investigation offering 10% of the bounty reward.
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