Bedrock Enhances Security Following $2 Million Hack, Teams Up with Chainlink
On September 27, Bedrock, a liquidity staking platform, suffered a security breach that impacted $2 million in liquidity, mainly within its Uniswap pool.
The incident stemmed from a vulnerability in the uniBTC smart contract, exploited to mint 30.8 uniBTC and swap them for WBTC. Bedrock identified 125 exploiters but confirmed that other assets, like uniETH and uniIOTX, remained secure. In response, Bedrock has partnered with Chainlink for proof of reserves to ensure users can redeem uniBTC at a 1:1 ratio with BTC.
The platform also plans to enhance security through audits, real-time monitoring, and the establishment of a security fund and bug bounty program. Additionally, Bedrock aims to enable unstaking functionality and redeploy liquidity on decentralized exchanges to restore user confidence.
Clever Robot News Desk 30th September 2024
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