Sep 14, 2020 at 16:00 UTC Updated Sep 14, 2020 at 16:26 UTC
The hacker was exposed sometime on Monday.(MichaelMaggs/Wikimedia Commons) DeFi Lender bZx Reclaims $8M Stolen in Sunday’s Attack
Decentralized finance (DeFi) lending project bZx has been able to recover about $8 million in cryptocurrency from an attacker who stole the funds after exploiting a code bug over the weekend.Paris Fotis, a spokesperson for the project, said bZx had been able to track down the attacker using his or her on-chain activity.The attacker returned the funds after being exposed, according to Fotis.bZx said in an incident report that $8 million worth of cryptocurrency had been stolen Sunday by an attacker who exploited a code bug to mint the protocol’s interest-earning iToken, which was used to redeem, and walk away with, digital assets held in various lending pools.
bZx’s official Twitter account announced earlier today that funds had been restored.This was the third, and the largest, attack on the bZx protocol so far this year.bZx’s Kyle Kistner declined to tell CoinDesk anything about the attacker’s identity when we initially wrote about the attack early Monday.
Fotis reiterated this, telling CoinDesk the project wouldn’t reveal the attacker’s identity for “legal reasons.” Share this: $6K Ahead? Bitcoin Price Plunges After Brief Recovery For bitcoin, the path of least resistance is to the downside.At press time, the leading cryptocurrency is trading at $6,340 on Bifinex – down 3 percent from the high of $6,550 hit earlier today.The minor recovery from the previous day’s low of $6,300 was likely a product of oversold conditions reported by the… Bitcoin’s Surging Dominance – Is This Time Really Different? opinion Noelle Acheson is a veteran of company analysis and CoinDesk’s Director of Research.The opinions expressed in this article are the author’s own.
The following article originally appeared in Institutional Crypto by CoinDesk, a free weekly newsletter focused on crypto assets.Sign up here.Everything flourishes with a bit of attention – even attention itself.
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