Decentralized Financing Protocol (challenge) Bzx recovered the $ 8.1 million it lost to a hacker a few days ago. The company says it was able to track down the cyber thief, whom it refused to name on legal grounds, thanks to its chain activity. Cornered, the attacker returned the booty.
“All funds have been recovered from the attacker. We are restoring the system, “Kyle Kistner, co-founder of Bzx, said in a statement on Sept. 15.” The funds are now in the team’s wallet and are being used to restore loan pools.
On September 13, a faulty code in Bzx smart contracts allowed the hacker to seize 219,200 LINK tokens (valued at $ 2.6 million); 4503 ETH ($ 1.65 million); 1,756,351 USDT (1.76 million dollars); 1,412,048 USDC ($ 1.4 million) and 667,989 DAI (valued at $ 681,000) – all totaling $ 8.1 million.
Marc Thalen, the senior engineer at Bitcoin.com who discovered the bug, was ultimately awarded a bounty of $ 45,000. Initially, Bzx didn’t want to pay Thalen so much money, offering him only a $ 12,500 bonus because “Marc only reported the problem when the attack was pretty much over.
In one thread on Twitter, Thalen complained, “Bzx just mentioned on a call that it’s not worth more than 12.5k as their ‘independent’ panel decided and they want to stick with it. They are unwilling to disclose [the] panel identities. [I’m] really disappointed with Bzx.
However, this figure severely undermined the protocol’s bug premium policy for high-level discoveries, which can be paid up to $ 350,000. Bzx then reconsidered his stance following a massive social media backlash and paid Thalen $ 45,000 “reasonable”.
Peckshield, one of two auditing firms that failed to identify the faulty code that led to the theft of the $ 8.1 million crypto, said in a letter to the Bzx community that its audit initial had identified 16 security issues that had been fixed – but it is never enough.
“Bzx and Peckshield are developing a plan to re-examine the protocol and implement real-time monitoring of key blockchain data metrics,” he writes. The measure is expected to enhance security on the platform.
What do you think of Bzx recovering the stolen $ 8.1 million crypto? Let us know in the comments section below.
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