Home - DeFi News - Sturdy Finance DeFi Protocol Loses More Than $750,000

James Carter

June 23, 2023

Sturdy Finance DeFi Protocol Loses More Than $750,000

Sturdy Finance DeFi Protocol is a decentralized finance (DeFi) protocol that aims to provide a secure and robust financial infrastructure on the blockchain. The protocol utilizes smart contracts and blockchain technology to enable users to access a range of decentralized financial services. Additionally these services typically include lending, borrowing, staking, and yield farming, among others.

Sturdy Finance prioritizes security, reliability, and transparency in its design, aiming to minimize risks associated with traditional centralized financial systems. By leveraging the benefits of DeFi, Sturdy Finance offers users the opportunity to participate in a permissionless and open financial ecosystem, empowering them with greater control over their funds and financial decisions.

Sturdy Finance DeFi Protocol

The developers of the decentralized finance (DeFi) protocol, Sturdy Finance, have announced that the protocol has been compromised. However, they have assured the perpetrators that no further legal action will be taken against them if the stolen funds are returned and restored.

On Tuesday, the founder of Sturdy Finance, Sam Forman, posted a message on Twitter in which he stated that his team had informed the exploiter that they were giving a $100,000 prize if all monies were returned to the protocol. Sam Forman wrote this statement.

Recent Hacks

The team advised the exploiter, “As we have seen with recent hacks, exploits are not as easy to escape from as they used to be,” while also adding that the person or people responsible for the exploit are free to contact the team “to discuss.”

Sturdy Finance DeFi Protocol Loses More Than $750,000

The letter from the Sturdy Finance team came after blockchain security company PeckShield officially warned the community about the attack on Monday, stating it looks to be an issue “related to the price manipulation.” PeckShield’s statement came after blockchain security business PeckShield publicly alerted the community about the exploit.

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Sturdy Finance DeFi Protocol Loses

Following the discovery of the exploit involving Sturdy Finance, which resulted in the loss of nearly $800,000 worth of cryptocurrency. The protocol replied by halting its markets and assuring members of the community that additional money was secure.

When it comes to offering bounties, recent events have revealed mixed results. Eexploiters opting to agree to deals and others choosing to keep the drained monies for themselves. Some rewards have also been offered in exchange for information about exploiters.

After agreement with the team in March, individuals responsible for an exploit of the Euler Finance protocol returned crypto assets. Crypto assets worth a total of one hundred million dollars, which came as a complete surprise.

On other side, the individuals responsible for an exploit that cost the Arbitrum-based Jimbos Protocol $7.5 million in May. Jimbos Protocol have not returned anything, despite the fact that the Jimbos Protocol developers have offered to negotiate a settlement.