Hackers Hit Bedrock With $2 Million Exploit Days After Major Milestone

The Ethereum-based liquid restaking platform Bedrock has fallen victim to a cyberattack, resulting in a loss of approximately $2 million.

Hackers have exploited a vulnerability in the Ethereum-based liquid restaking platform Bedrock, leading to losses of approximately $2 million, according to an announcement by the protocol on Friday.

The cyberattack targeted the protocol's uniBTC contract, which represents the staked version of wrapped Bitcoin (WBTC). Hackers managed to siphon off funds from the platform, leaving most of the losses in decentralized exchange liquidity pools.

The liquid restaking protocol assured the community that the core wBTC tokens and the standard Bitcoin in their reserves were not affected by the hack.

The protocol also stated that it has since addressed the breach and is actively working to prevent similar incidents in the future.

“The root cause has been identified and we are taking steps to address it. A comprehensive reimbursement plan is being finalized and will be shared shortly together with a post-mortem report,” said Bedrock.

The hack comes just 48 hours after Bedrock celebrated a new milestone, with uniBTC's total value locked (TVL) reaching 1,332.52 BTC across 11 blockchains on September 25.

According to the protocol's announcement on X, Ethereum emerged as the leading choice for users, with BNB Chain and Merlin Chain, a layer-2 scaling solution on the Bitcoin network, ranking as the second and third most popular chains for uniBTC staking.

The latest incident marks Bedrock's first security breach since its launch in February 2023 by RockX, a blockchain company that users to navigate the Web3 economy.

Data from DefiLlama shows the liquid restaking protocol ranks among the top 10 largest platforms in the liquid staking market, holding the eighth position with over $240 million in total value locked (TVL).

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Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.

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