Decentralized finance (DeFi) protocol unshETH has lost $375,000 due to a hack. After that, the altcoin project team is holding a meeting with the hackers to return 90% of the stolen funds. Most DeFi attacks happen because of smart contract vulnerabilities. However, unshETH lost funds due to the private key being compromised.
The team of the hacked altcoin project is negotiating with the hackers!
As you follow on Kriptokoin.com, the on-chain staking platform unshETH has faced an attack. In this attack, hackers managed to steal $375,000 from the protocol. Now, the altcoin project team is negotiating with hackers to return 90% of it. In the latest development, the team wrote a message to the attackers. unshETH has given a deadline of June 3 for the funds to be returned. He then issued the following warning:
We want to be clear, and it’s not a bluff. We know who you and some people (friends) connected to you are. If you do not return the money by the deadline above, we will definitely proceed with law enforcement.
Over the weekend, Jimbos Protocol, another DeFi altcoin project, lost $7.5 million due to the DeFi hack. Like UnshETH, Jimbos tries to recover 90% of its funds while allowing hackers to keep 10% as rewards. On Wednesday, it opened a rewards program for community members who can track down hackers and get funds back. Meanwhile, DeFi protocols lost more than $19.69 million in exploits in May.
Interesting community reaction to the altcoin project: Bluff!
The warning message received a negative reaction from the community. One Twitter user said the warning was “just as a bluff would say.” unshETH has also come under criticism for targeting friends of hackers in its tweet. Community member Haym Salomon says “openly threatening a hacker’s friends is a bar you (probably) wouldn’t want to cross.”
Twitter user LuloxEth responded to unshETH’s warning to the hacker.How was the DeFi protocol hacked?
Attackers seized the private keys of the unshETH protocol on Thursday. After that, hackers siphoned $375,000 worth of crypto from farm rewards and protocol liquidity. However, community members requested details on how the keys were obtained. One Twitter user “alec” accused unshETH of accidentally publishing private keys on GitHub.
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