Fun

DeFi protocol Unizen to provide ‘immediate reimbursement’ after $2.1M hack

News Feed - 2024-03-11 05:03:28

Ezra Reguerra57 minutes agoDeFi protocol Unizen to provide ‘immediate reimbursement’ after $2.1M hackDeFi protocol Unizen announced that it will issue an immediate refund to users who lost their funds to an exploit this weekend.561 Total views1 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksDecentralized finance (DeFi) protocol Unizen announced that it would reimburse its users who lost 750,000 or less “as soon as humanly possible” after the platform got compromised, losing about $2.1 million in user funds.


On March 9, blockchain analytics firm PeckShield flagged an “approve issue” with the DeFi platform, reporting that over $2 million had already been drained. The security firm urged users to revoke the approvals from the trade aggregator to avoid further loss. Security company SlowMist estimated the exploit losses to be around $2.1 million and noted that the attacker swapped the Tether (USDT) for the stablecoin Dai (DAI).


A day later, the DeFi protocol sent an on-chain message to the hacker, offering a 20% bounty in exchange for returning the remaining stolen funds. The protocol also said they are already working with law enforcement and forensic experts to determine the hacker’s identity.On-chain message sent by Unizen to the hacker. Source:Etherscan


While the bounty negotiations are still ongoing, the DeFi protocol was quick to refund victims of the hack. On March 11, the company announced it would make 99% of the affected users whole as soon as possible.


“Reimbursement for the rest of those will be given to the same wallets affected starting immediately. While we intend to start distributions today, we are going through each distribution individually in a slow, careful and methodical manner,” they wrote.


Related:Crypto phishers stole $47M last month, impersonators on X to blame


According to the announcement, Unizen founder and CEO Sean Noga loaned funds to the company to refund the hack victims. Users who lost below $750,000 will get their funds back, with refunds starting on March 11.


The company will return funds in USDT or USD Coin (USDC). However, for those who lost more than $750,000, the DeFi protocol said they would handle the issue on a case-to-case basis. Along with the announcement, the company also shared a video guide teaching users how to review and revoke approvals within the platform to avoid further losses. 


Unizen chief technology officer Martin Granström also said on X they have already collected enough evidence for a post-mortem report and are working with third-party firms on the matter. The executive announced that they would share an incident report soon and promised to invest more in security in the future.


Magazine:DeFi’s billion-dollar secret: The insiders responsible for hacks# Blockchain# Security# Hackers# Cybersecurity# Hacks# DeFiAdd reactionAdd reaction

News Feed

Derek Andersen6 hours agoBinance shutting down European Visa debit card in DecemberMastercard ended its partnership in Latin America and Bahrain with Binance in September, possibly due to the regulatory environment.1820
Devere Group Predicts a Bull Run and ‘Significant Bounce’ for Bitcoin in Q4
Devere Group Predicts a Bull Run and "Significant Bounce" for Bitcoin in Q4 The CEO of Devere Group, a financial advisory and asset management firm, has predicted a bull run and a
DistX is Taking the Crypto World by Storm
DistX is Taking the Crypto World by StormAfter selling out their own token sale in just 57 seconds in late August, DistX have been making headlines and attracting a lot of attention
Solana’s Path To $200? Explosive Adoption Fuels The Surge
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Central Bank of Honduras Warns About the Dangers of Using Cryptocurrency
Central Bank of Honduras Warns About the Dangers of Using Cryptocurrency The Central Bank of Honduras has published a release that seeks to clarify the stance the institution takes
Yellen Says US ‘Not Willing to Allow Contagious Bank Runs,’ Calls OPEC Oil Production Cut ‘Unconstructive’
Yellen Says US ‘Not Willing to Allow Contagious Bank Runs,’ Calls OPEC Oil Production Cut "Unconstructive" Roughly 26 days ago and in the following days, the U.S. witnessed two
Turner Wright9 hours agoSEC punts on ARK 21Shares spot Bitcoin ETF, opens proposal to commentsARK Investment Management founder and CEO Cathie Wood predicted on Aug. 7 the SEC would delay its decision on the firm’s spo
Former Treasury Official Warns of Complete Economic Implosion if US Dollar Loses Global Reserve Currency Status
Former Treasury Official Warns of Complete Economic Implosion if US Dollar Loses Global Reserve Currency Status Former Assistant Secretary for Public Affairs for the U.S. Departmen
Arijit Sarkar47 minutes agoDormant pre-mined Ethereum worth $116M resurrects after 8 yearsDuring the pre-mine period, the 61,216 Ether was worth roughly $20 million, but eight years later, it’s worth more than $116 mil
Bitcoin, Ethereum Technical Analysis: BTC Moves Below $27,000, Following CFTC Suit Against Binance
Bitcoin, Ethereum Technical Analysis: BTC Moves Below $27,000, Following CFTC Suit Against Binance Bitcoin moved below $27,000 during Tuesday’s session, as the U.S. Commodit
Bitcoin Quickly Jumps Above the $52K Zone Only to Get Pushed Back, Crypto Economy Climbs 3.5%
Bitcoin Quickly Jumps Above the $52K Zone Only to Get Pushed Back, Crypto Economy Climbs 3.5% Bitcoin surpassed the $52K handle on Monday morning, as crypto-asset markets have been
Why tokenized real-world assets are soaring
Cointelegraph Research7 hours agoWhy tokenized real-world assets are soaringTokenized real-world assets have surged to a capitalization of $8 billion, outpacing Bitcoin and Ether in both market performance and volatility