Liquid restaking protocol Bedrock suffers $2M exploit

Multi-asset liquid staking protocol Bedrock has confirmed it has fallen unfortunate to a “security exploit” involving uniBTC, pinch hackers making disconnected pinch astir $2 cardinal successful funds. 

In a Sept. 27 post to X, Bedrock said it was alert of a information utilization involving uniBTC—a synthetic Bitcoin token utilized successful DeFi — that resulted successful nan nonaccomplishment of astir $2 cardinal successful assets. 

The restaking protocol said nan rumor had been “handled” adding that its squad was taking steps to reside nan guidelines cause. It reassured users that each remaining costs were safe and they would beryllium issuing a reimbursement scheme successful nan adjacent future. 

Source: Bedrock

“A broad reimbursement scheme is being finalized and will beryllium shared soon together pinch a post-mortem report,” Bedrock added.

Bedrock said astir of nan losses were incurred successful decentralized speech liquidity pools and clarified that nan underlying wrapped BTC tokens and modular Bitcoin (BTC) held successful reserves were secure. 

Cointelegraph reached retired to Bedrock for further comment.

Bedrock is simply a multi-asset liquid restaking protocol that offers products specified arsenic uniBTC, uniETH, and uniIOTX, synthetic representations of awesome blockchain tokens that let users to gain output done staking. 

Related: How liquid restaking tokens are revolutionizing DeFi

Launched successful February 2023 by Singapore-based blockchain patient RockX, Bedrock is designed to pull organization investors pinch ample sums of superior to liquid staking, prioritizing strict KYC and AML compliance.

According to DefiLlama data, Bedrock is nan eighth-largest liquid staking protocol connected nan market, pinch conscionable complete $240 cardinal successful full worth locked (TVL) connected its platform. 

Bedrock touts complete $240 cardinal successful TVL. Source: DeFiLlama

Liquid restaking and autochthonal restaking person quickly grown to go immoderate of nan largest marketplace sectors successful nan crypto manufacture pursuing nan motorboat of nan ETH restaking protocol Eigenlayer successful April. 

Liquid restaking protocols now boast complete $11.4 cardinal successful TVL, while Eigeinlayer itself touts much than $12.1 cardinal successful TVL connected its mainnet, per DefiLlama.

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