Bedrock Confirms Security Exploit Involving uniBTC, Fund are Safe
Bedrock Response to uniBTC Security Exploit: Reimbursement & Security
Bedrock, a multi-asset liquid staking protocol, has confirmed a security exploit involving its synthetic Bitcoin token, uniBTC. The exploit, which occurred on September 27, resulted in a loss of approximately $2 million. Bedrock quickly responded, stating that the issue has been "handled" and that the root cause has been identified. The team is actively working to address the exploit and ensure that all remaining funds are secure.
Bedrock reassured its users that the underlying wrapped BTCs and Bitcoin reserves remain safe. Most of the losses were incurred in decentralized exchange liquidity pools (DEX LPs). Bedrock is finalizing a comprehensive reimbursement plan, which will be shared with the community soon, alongside a detailed post-mortem report.
Additionally, Bedrock is collaborating closely with audit teams and white hat hackers to recover the lost funds and enhance security measures. A Proof of Reserves will be released to maintain transparency and reassure the community.
Community Reassurance and Future Plans
The Bedrock team emphasized that no extra actions are required from the community at this time. All uniBTC held by users is secure, and the team is taking every necessary step to prevent future incidents. Bedrock's swift and transparent handling of the situation aims to maintain trust and confidence among its users.
Bedrock, launched in February 2023 by Singapore-based blockchain firm RockX, offers liquid staking products such as uniBTC, uniETH, and uniIOTX. These synthetic tokens allow users to earn yield through staking while maintaining liquidity. The protocol prioritizes strict KYC and AML compliance to attract institutional investors.
Bedrock's Position in the Market
According to DefiLlama data, Bedrock is the eighth-largest liquid staking protocol, with over $240 million in total value locked (TVL) on its platform. Liquid restaking protocols have rapidly grown in popularity, with the sector boasting over $11.4 billion in TVL. EigenLayer, a leading ETH restaking protocol launched in April, alone has more than $12.1 billion in TVL on its mainnet.
Bedrock's swift action and transparent communication regarding the uniBTC exploit demonstrate the protocol's commitment to security and user trust. The upcoming reimbursement plan and Proof of Reserves will further solidify Bedrock's dedication to maintaining a secure and reliable platform for its users.
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