Hack Track: Steadefi Flow of Funds Analysis
Contents
Hack Track: Steadefi Flow of Funds Analysis
Merkle Science
On August 7th, 2023, Steadefi, a sophisticated yield aggregator, fell victim to an assault that resulted in a substantial loss of over $1.14 million.
What is Steadefi?
Steadefi functions as a yield aggregator, empowering users to generate earnings through methodical approaches such as intelligent hedging strategies and automated risk oversight. This is achieved by vigilant monitoring and the seamless rebalancing of vaults.
Steadefi’s Response
The protocol promptly utilized Twitter to apprise its users regarding the incident and caution them about the stolen funds. Additionally, they extended a bounty stating:
‘Steadefi would like to discuss a bounty with any parties who were involved in the recent Steadefi exploit. We are offering a 10% bounty of any funds stolen, which are yours to keep if you return the remaining 90%.’
As reported by Steadefi, the wallet responsible for deploying the protocol—simultaneously functioning as the proprietor of all vaults within the system—fell …
Merkle Science
On August 7th, 2023, Steadefi, a sophisticated yield aggregator, fell victim to an assault that resulted in a substantial loss of over $1.14 million.
What is Steadefi?
Steadefi functions as a yield aggregator, empowering users to generate earnings through methodical approaches such as intelligent hedging strategies and automated risk oversight. This is achieved by vigilant monitoring and the seamless rebalancing of vaults.
Steadefi’s Response
The protocol promptly utilized Twitter to apprise its users regarding the incident and caution them about the stolen funds. Additionally, they extended a bounty stating:
‘Steadefi would like to discuss a bounty with any parties who were involved in the recent Steadefi exploit. We are offering a 10% bounty of any funds stolen, which are yours to keep if you return the remaining 90%.’
As reported by Steadefi, the wallet responsible for deploying the protocol—simultaneously functioning as the proprietor of all vaults within the system—fell …