Decentralized finance (DeFi) app Steadefi was exploited for at least $334,000 on Aug. 7 in an ongoing attack. The app’s development team said in a social media post that the attack currently “puts all funds at risk.” The app’s total value locked has plummeted as a result of the attack, according to data from DefiLlama.
The Steadefi team posted a message to X — formerly Twitter — stating: “NOTICE: Steadefi has been exploited and all funds are currently at risk.” The team also confirmed that an on-chain message has been sent to address 0x9cf71F2ff126B9743319B60d2D873F0E508810dc on Ethereum in an attempt to negotiate with the attacker. Blockchain data reveals that a number of large inflows came into this address on the Avalanche chain, beginning at 4:41 pm UTC.
The tokens transferred to the address include 130,429 USD Coin (USDC), 3.39 Bitcoin (BTC), 15 Wrapped Ether (WETH) and 6,184 Avalanche (AVAX). Aside from the WETH, all other tokens were immediately swapped for WETH. The alleged attacker then bridged 184 WETH onto another network through the Synapse bridge.
The address also appears to have performed a similar series of transactions on the Arbitrum network.
Ethereum blockchain data shows that the development team has sent a message to the attacker, offering to let the hacker keep 10% of the allegedly stolen funds.
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Author: Tom Blackstone
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