Steadefi has become the latest DeFi entity to be hit with an exploit, with the company stating in a tweet on X that all the funds it currently holds are at risk of becoming irrecoverable.
Recent hacks have taken a toll on the space and have put considerable strain on public trust in DeFi apps.
Details Of The Hack
News of the attack first became public on the 7th of August, when it emerged that the decentralized finance app was hit by an exploit of at least $334,000. While the attack was ongoing, the protocol’s development team put out a message on X, stating that the attack had put all funds held on the platform at risk and they could become irrecoverable. As a result, the app’s total value locked (TVL) fell off a cliff, according to data from DefiLlama. The team posted a message stating,
“NOTICE: Steadefi has been exploited, and all funds are currently at risk.”
The team, while confirming the attack, posted a follow-up message on X and explained how the attack occurred.
We współpracy z: https://cryptodaily.co.uk/2023/08/defi-app-steadefi-grapples-with-major-exploit-all-funds-at-risk
