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

The World Economic Forum Is Worried About Safety in the Metaverse
The World Economic Forum Is Worried About Safety in the Metaverse The World Economic Forum (WEF), one of the most influential international institutions, has expressed its worries
Spill Your Sats: US Tax Advisor Tells Crypto Customers to Self-Report on Taxes, Even If Imperfectly
Spill Your Sats: US Tax Advisor Tells Crypto Customers to Self-Report on Taxes, Even If Imperfectly Tax season for United States residents is fast approaching, and the IRS wants
1 in 5 Players Win Big at Bitcoin.com Lottery, New Crypto Games Promise Guaranteed Winners
1 in 5 Players Win Big at Bitcoin.com Lottery, New Crypto Games Promise Guaranteed Winners Launching Sure-Win Games! A set of 10 new raffles with guaranteed wins
Sony Considers Remaking "The Princess Bride" as Internet Explodes in Fury
As Hollywood movie studios get further and further away from producing original content and instead rely on remakes and reboots of familiar franchises, Sony has apparently floated the idea of remaking "The Princess Bride
Jigstack DAO Acquires Icorating.com Platform to Strengthen Its Token Launch Pad Lemonade
Jigstack DAO Acquires Icorating.com Platform to Strengthen Its Token Launch Pad Lemonade A decentralized finance (defi) protocol announced that it officially acq
Biggest Movers: DOGE Jumps 6%, AVAX Hits 2-Month High on Monday
Biggest Movers: DOGE Jumps 6%, AVAX Hits 2-Month High on Monday Dogecoin rose by over 6% to start the week, as prices moved back towards a key resistance level. The meme coin moved
Coinbase Reveals European Expansion Plan — Seeks Licenses in Spain, Italy, France, Netherlands
Coinbase Reveals European Expansion Plan — Seeks Licenses in Spain, Italy, France, Netherlands Cryptocurrency exchange Coinbase has revealed its plan to expand in several Europea
Cash or crypto? FTX creditors to vote on how they’re paid back
Brayden Lindrea4 hours agoCash or crypto? FTX creditors to vote on how they’re paid backFTX lawyers stressed that in-kind crypto payouts would clash with bankruptcy laws, but several creditors feel shortchanged by the
Moving $25 Billion in BTC via Alternate Chains — There’s Now Over 400,000 Tokenized Bitcoins in Existence
Moving $25 Billion in BTC via Alternate Chains — There"s Now Over 400,000 Tokenized Bitcoins in Existence As the end of the year approaches, the price of bitcoin has hovered abov
Robert Kiyosaki Says World Economy on the Verge of Collapse — Warns of Bank Runs, Frozen Savings, Bail-Ins
Robert Kiyosaki Says World Economy on the Verge of Collapse — Warns of Bank Runs, Frozen Savings, Bail-Ins The famous author of the best-selling book Rich Dad Poor Dad, Robert Ki
Renowned Finance Youtuber Andrei Jikh Invests Over $100K Into Cryptocurrencies
Renowned Finance Youtuber Andrei Jikh Invests Over $100K Into Cryptocurrencies The popular Youtuber Andrei Jikh published a video this week to his 978,000 Youtub
Bitcoin halving not priced in to ‘full extent’ — D8X founder
Zoltan Vardai13 hours agoBitcoin halving not priced in to ‘full extent’ — D8X founderDespite a new Bitcoin all-time high, markets are still yet to price in the upcoming Bitcoin halving, Basile Maire told Cointelegr