The SteadDeFi team said all funds are at risk as a hacker exploited the protocol and hijacked the private key of the team address.
Steadefi is an advanced leveraged yield aggregator that focuses on maximizing returns from various sources while automatically managing market risks.
On August 8, 2023, the SteaDefi team confirmed that all funds on the SteadDefi protocol are at risk. The unknown hacker(s) have withdrawn $334,000 in funds from the platform.
The Defi protocol team has officially invited the crypto detectives and researchers to participate in this case for 10% of the bounty reward.
Also, the team has provided an email address for the hacker and offered to keep 10% of the stolen money before August 10 or it will take legal action against the exploiter.
According to reports, the hacker stole the private key of the team address, which allowed the hacker to borrow all available funds from the lending vaults.
Crooked Finance
Earlier a week ago, the popular stablecoin Defi protocol was exploited by an unknown hacker. The hacking attack successfully drained $73.5 million worth of crypto assets from various Curve Finance pools.
Later during the negotiations, the hacker returned 73% of the stolen money.
So far, Curve’s finance team is waiting for another $19.7 million in funds.
After this news, the Curve Dao token (CRV) had a rough time. The current trading price of the CRV token is 13.6% high over the past 7 days trading price.
Defi attacks
This year, several crypto analytics platforms reported that the hackers mainly targeted the Defi protocols to steal funds. Talking about numbers, 70% of the Defi platforms were exploited by the hackers through Centralized Finance (Cefi) platforms.
This shows that Defi platforms are highly vulnerable and likely need massive improvements and development to combat hacking attacks.
Read also: PayPal launches “PayPal Stablecoin”