Multi-asset liquid staking protocol Bedrock confirmed it fell victim to a “security exploit” involving uniBTC, as hackers made off with about $2 million in funds.
In a Sept. 27 X
post
, Bedrock said it was aware of a security exploit involving uniBTC — a synthetic Bitcoin token used in DeFi — that resulted in the loss of about $2 million in assets.
The restaking protocol said the issue had been “handled,” adding that its team was taking steps to address the root cause. It reassured users that all remaining funds were safe and they would be issuing a reimbursement plan in the near future.
Source:
Bedrock
“A comprehensive reimbursement plan is being finalized and will be shared shortly together with a post-mortem report,” Bedrock added.
Bedrock said most of the losses were incurred in decentralized exchange liquidity pools and clarified that the underlying wrapped BTC tokens and standard Bitcoin (
BTC
) held in reserves were secure.
Cointelegraph reached out to Bedrock for further comment.
Bedrock
is a multi-asset liquid restaking protocol that offers products such as uniBTC, uniETH and uniIOTX — synthetic representations of major blockchain tokens that allow users to earn yield through staking.
Related:
How liquid restaking tokens are revolutionizing DeFi
Launched in February 2023 by Singapore-based blockchain firm RockX, Bedrock is designed to attract institutional investors with large sums of capital to liquid staking, prioritizing strict Know Your Customer and Anti-Money Laundering compliance.
According to DefiLlama
data
, Bedrock is the eighth-largest liquid staking protocol on the market, with just over $240 million in total value locked (TVL) on its platform.
Bedrock touts over $240 million in TVL. Source: DeFiLlama
Liquid restaking
and native
restaking
have rapidly grown to become some of the largest market sectors in the crypto industry since the launch of the ETH restaking protocol Eigenlayer in April.
Liquid restaking protocols now boast over $11.4 billion in TVL, while
EigenLayer itself touts
more than $12.1 billion in TVL on its mainnet, per DefiLlama.
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Bedrock Liquid Restaking Protocol Hit by 2 Million Exploit