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Sturdy Finance DeFi Protocol Faces Exploit, Loses More Than $750,000

Fredrik Vold
Last updated: | 1 min read
Source: AdobeStock / Tomasz Bidermann

Decentralized finance (DeFi) protocol Sturdy Finance has been exploited, but the team has promised that no further action will be taken against the hackers if the money is returned.

Writing on Twitter on Tuesday, Sturdy Finance founder Sam Forman said his team has told the exploiter that they are offering a $100,000 bounty if all funds are returned to the protocol.

“As we have seen with recent hacks, exploits are not as easy to escape from as they used to be,” the team warned the exploiter, while adding that the person(s) behind the exploit is welcome to contact the team “to discuss.”

The message from the Sturdy Finance team came after blockchain security firm PeckShield on Monday publicly alerted the community about the exploit, saying it appears to be an issue “related to the price manipulation.”

The exploit of Sturdy Finance led to a loss of almost $800,000 worth of crypto (442 ETH), and the protocol responded by pausing its markets and assuring community members that additional funds are safe.

Recent events have shown mixed results when it comes to offering bounties, with some exploiters choosing to agree to deals and others keeping the drained funds for themselves.

Back in March, the people behind an exploit of the Euler Finance protocol returned $100 million worth of crypto in a surprising act after negotiating a deal with the team.

On the other hand, however, the people behind a $7.5 million exploit in May of the Arbitrum-based Jimbos Protocol has yet to return anything, despite Jimbos Protocol offering to make a deal.