Outside Source
Bedrock says the root cause of the exploit has been “handled” and reassured users that all remaining assets were safe.
News
Own this piece of crypto history
Multi-asset liquid staking protocol Bedrock has confirmed it has fallen victim to a “security exploit” involving uniBTC, with hackers making off with around $2 million in funds.
In a Sept. 27 post to X, Bedrock said it was aware of a security exploit involving uniBTC—a synthetic Bitcoin token used in DeFi — that resulted in the loss of approximately $2 million in assets.
The restaking protocol said the issue had been “handled” adding that its team was taking steps to address the root cause. It reassured users that all remaining funds were safe and they would be issuing a reimbursement plan in the near future.
Source: Bedrock
“A comprehensive reimbursement plan is being finalized and will be shared shortly together with a post-mortem report,” Bedrock added.
Bedrock said most of the losses were incurred in decentralized exchange liquidity pools and clarified that the underlying wrapped BTC tokens and standard Bitcoin (BTC) held in reserves were secure.
Cointelegraph reached out to Bedrock for further comment.
Bedrock is a multi-asset liquid restaking protocol that offers products such as uniBTC, uniETH, and uniIOTX, synthetic representations of major blockchain tokens that allow users to earn yield through staking.
Related: How liquid restaking tokens are revolutionizing DeFi
Launched in February 2023 by Singapore-based blockchain firm RockX, Bedrock is designed to attract institutional investors with large sums of capital to liquid staking, prioritizing strict KYC and AML compliance.
According to DefiLlama data, Bedrock is the eighth-largest liquid staking protocol on the market, with just over $240 million in total value locked (TVL) on its platform.
Bedrock touts over $240 million in TVL. Source: DeFiLlama
Liquid restaking and native restaking have rapidly grown to become some of the largest market sectors in the crypto industry following the launch of the ETH restaking protocol Eigenlayer in April.
Liquid restaking protocols now boast over $11.4 billion in TVL, while Eigeinlayer itself touts more than $12.1 billion in TVL on its mainnet, per DefiLlama.
Magazine: Proposed change could save Ethereum from L2 ‘roadmap to hell’
This article first appeared at Cointelegraph.com News
