Simon Ng Sturdy Finance, a decentralized finance (defi) platform, fell victim to an exploit on Sunday evening, resulting in the loss of 442 ether to an attacker. The project’s team promptly responded by acknowledging the reported exploit and halting markets at 10:19 p.m. ET.
Sturdy Protocol Depleted of 442 Ethereum Worth Over $766K
The defi community recently witnessed another unfortunate incident as the Sturdy Finance protocol suffered a loss of 442 ETH, equivalent to approximately $766,900, as estimated by Blocksec, a reputable smart contract auditing security team. Peckshield, a blockchain intelligence firm, also detected the issue at 9:28 p.m. ET.
Sturdy Finance functions as a lending platform that allows defi users to borrow against liquidity tokens from specific decentralized exchange (dex) platforms. Blocksec shared a screenshot illustrating the steps used to drain the funds through a flash loan technique. Furthermore, the Peckshield Alert notified the community that the exploiter had already transferred 442.6 ETH to Tornado Cash, a well-known ETH mixer.
Taking to Twitter, Sturdy Finance addressed the situation, stating, “We are aware of the reported exploit of the Sturdy protocol. All markets have been paused, and no additional funds are at risk. No user actions are required at this time. We will provide further updates as soon as possible.”
Presently, approximately $10.78 million is locked into the Sturdy defi protocol. However, according to defillama.com statistics, the previous day’s figure stood around $12.8 million. While 2023 has witnessed a number of defi hacks, the frequency of attacks has noticeably decreased compared to 2022. Additionally, victims in 2023 have been relatively successful in recovering a significant amount of funds from this year’s incidents.
We would like to hear your thoughts on the recent Sturdy Finance hack. Please share your opinions and perspectives on this matter in the comments section below.
Table Of Contents
Frequently Asked Questions (FAQs) about defi hack
What happened to Sturdy Finance?
Sturdy Finance fell victim to a hack, resulting in the loss of 442 ETH. The attacker exploited the platform using a flash loan technique.
How much value was lost in the hack?
The total value lost in the Sturdy Finance hack amounted to approximately $766,900, which is equivalent to 442 ETH.
What actions did Sturdy Finance take after the hack?
Upon discovering the exploit, Sturdy Finance paused its markets to prevent further losses. They assured users that no additional funds were at risk and that no user actions were required at the time. The team promised to provide more information as soon as possible.
How did the attacker drain the funds?
The attacker utilized a flash loan technique to drain the funds from Sturdy Finance. Blocksec, a smart contract auditing security team, shared a screenshot depicting the steps taken to drain the funds.
Is there any chance of recovering the lost funds?
Recovery efforts are underway, but it is unclear at this point whether the lost funds will be fully recovered. However, it is worth noting that victims of defi hacks in 2023 have had some success in recovering a significant portion of their funds.
How does this hack impact the defi community?
The Sturdy Finance hack is another unfortunate incident in the defi space. It highlights the ongoing security challenges faced by decentralized finance platforms and serves as a reminder for users to exercise caution when participating in defi protocols.
Are there any statistics about the defi protocol’s locked funds?
At the time of the hack, Sturdy Finance had approximately $10.78 million locked into the defi protocol. However, according to defillama.com, the figure was higher, around $12.8 million, the day before the hack occurred.
More about defi hack
- Sturdy Finance Official Website
- Blocksec – Smart Contract Auditing Security
- Peckshield – Blockchain Intelligence Firm
- Tornado Cash – ETH Mixer
- Defillama.com – DeFi Protocol Statistics
5 comments
losing over $766K in the hack? that’s a huge blow for sturdy finance. let’s hope they can recover some of the funds and keep the community updated on their progress.
defi hacks are a reminder that even decentralized platforms have vulnerabilities. users need to be cautious and do their due diligence before participating. stay informed and stay secure!
oh no, sturdy finance got hacked? that’s so sad, losing all that ether! hope they catch the hacker and get the funds back soon!
defi hacks keep happening, it’s crazy! but at least sturdy finance paused markets to prevent more losses. hope they improve their security so this doesn’t happen again!
flash loans strikes again! attackers draining funds left and right. sturdy finance needs to tighten their defenses and protect user assets. stay safe in the defi jungle, everyone!