Staking platform Bedrock stated that their platform was affected by a bug involving uniBTC, where users were able to trade a uniBTC for an ETH token.
Bedrock informed on September 27 through an X post that they are aware of the security breach and the problem is “addressed” by its team.
They also comforted the users that the rest of the funds are secured, and they have plans to roll out a reimbursement model shortly; they estimated that they lost about $2 million worth of digital assets.
Important Announcement from the Bedrock TeamWe want to inform you that the Bedrock team is aware of a security exploit involving uniBTC. The issue has been handled and funds are SAFU.We want to reassure everyone that the underlying wrapped BTCs and BTCs in reserves are…
— Bedrock | Bitcoin Restaking LIVE (@Bedrock_DeFi) September 27, 2024
Still, a user on the platform mentioned that the bug enabled him to swap his Bitcoin for Ethereum. This is because the security exploit was targeted at the platform’s uniBTC – a synthetic token of Bitcoin for decentralized finance.
According to a current price index, Bitcoin is being sold at $65,449 per token, and Ethereum at $2,659.
Taking Responsibility for the Bug
Bedrock took responsibility for most of the loss it took stating that it was from decentralized exchange liquidity pools adding that the wrapped Bitcoin tokens and standard Bitcoin that are stored in reserve are safe.
At present, there are no further actions from our community any more than is currently expected during the daily lives of our societies. The community can be assured that all the deposited uniBTC are still safe, said Bedrock while also announcing that the platform will be publishing an after-action report shortly.
For now, the protocol team has detected the source of the vulnerability and is actively cooperating with their audit teams to try and recover the stolen tokens.
Bedrock was launched in February of the year 2023 by a Singapore-based blockchain firm known as RockX. It was hence developed in a way that would make liquid staking appealing to institutional investors by addressing the know-your-customer and anti-money laundering requirements.
Source: DefiLlama
As per DefiLlama, Bedrock is the eighth largest liquid staking protocol currently sitting at a $241+ million TVL.
Price Trends of BTC and ETH
Currently, the daily Bitcoin price for today is $65,249.86 per coin with a total volume traded within the day stands at $36,691,579,179. Bitcoin is up by 3.85% in the last one day or the previous 24 hours. Today’s Ethereum price in terms of live real-time is $2,648.54 with a 24-hour volume of $16,826,193,042. Ethereum has increased over the last 24 hours by a margin of 2.01%.
In the last few weeks, Bitcoin has had a bullish movement suggesting recovery above the $53,00o support level after trading in a narrow range. The data points to blockchain’s Ethereum being much lower in 2022 than in the end of 2021 but currently also rising as well.
