- Steadefi was recently exploited after its protocol deployer wallet was compromised.
- The DeFi protocol lost $1.14 million in the hack, which drained the lending capacity on Arbitrum and Avalanche.
- The Steadefi team has offered the hacker/hackers a 10% bounty if they agree to return the remaining funds.
Steadefi, a decentralized finance application, suffered a hack earlier today. The DeFi protocol, which offers leveraged yield vaults and lending pools, was exploited to the tune of $1.14 million after its protocol deployer wallet, which also controlled all of the app’s vaults, was compromised. The Steadefi team has attempted to contact the responsible parties in a bid to recover the lost assets.
The Steadefi team took to X (formerly Twitter) earlier today to inform its community about the exploit. According to on-chain data gathered by the team, the perpetrator transferred ownership of all lending and strategy vaults to a wallet controlled by them. This was followed by using the newly acquired wallets to borrow the maximum possible amount from the lending pools.
A post-mortem of the exploit revealed that the hacker managed to drain all available lending capacity on Arbitrum and Avalanche and then proceeded to swap all exploited assets to ETH and bridge them to the Ethereum network. The Steadefi team reported that depositor vaults were not affected by the exploit.
UPDATE NOTICE:A 2nd on-chain message has been sent with the corrected contact email address:SteadefiNegotiation@protonmail.meNOTICE: Steadefi has been exploited and all funds are currently at risk. https://t.co/fGQElnWvusThe message and offer from the 1st message still…— Steadefi