Over $1.1 Million Was Made Using the DeFi Protocol Steadefi

The protocol deployer wallet for Steadefi was recently hacked.

The decentralized Finance software Steadefi was hacked earlier today. After the protocol deployer wallet, which controlled all of the app’s vaults, was hacked, $1.14 million was stolen from the DeFi protocol, which provides leveraged yield vaults and lending pools. The Steadefi group has made outreach efforts in an effort to track down the culpable persons and reclaim the stolen property.

The Steadefi group updated its user base on the vulnerability this morning through X (previously Twitter). All loan and strategy vaults were reportedly moved to the perpetrator’s wallet, as shown by on-chain data collected by the team. After that, we borrowed as much as we could from the lending pools using the freshly obtained wallets.

The hacker was able to convert all of the assets that were compromised into ETH and bridge them to the Ethereum network, as was discovered in the aftermath of the vulnerability. According to the Steadefi team, the vulnerability did not impact depositor vaults.

The hacker not only stole money but also froze the contracts on all of Steadefi’s farms, making it impossible for users of the DeFi protocol to retrieve their tokens. The Steadefi team spoke with the exploiter via on-chain message, offering a 10% reward in exchange for the return of any leftover cash to the protocol.

If the exploiter didn’t voluntarily turn himself in by August 10 at 8:00 UTC, the Steadefi team said they would open up the bounty to the public and pay 10% to whoever provided the information that led to his conviction in court.

Concerns were raised by the Steadefi community about the vulnerability and the hacker’s method of stealing money. Some have hypothesised that it was an inside job, with the architects of the DeFi protocol deliberately hiding something.

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