Sovryn Network Encounters First Successful Attack After 2 Years

Sovryn Network recently announced encountering a successful attack after two years of operation. Safety measures placed on the platform kept the exploit limited, resulting in a substantial recovery of funds.

The attack was aimed at the legacy Lend protocol to withdraw funds illegally. Developers detected the attack promptly and placed the server into maintenance mode. Their swiftness has resulted in the recovery of 50% of funds till now.

The platform has assured users that any form of loss will be completely covered by Exchequer. Sovryn released an official tweet to inform users about the exploit. The venture also shared details surrounding the breach in its latest post.

According to the ongoing investigation, the attacker merely impacted the USDT and the RBTC lending pool. The breach allowed the culprit to withdraw 44.93 RBTC and 211,045 USDT from the lending pools.

Over five wallet addresses have been identified in association with the attacker. As mentioned in the post, these addresses are under heavy monitoring to keep track of the funds. Some of it has already been withdrawn via the AMM swap feature.

However, Sovryn has also recovered a chunk of the funds with the help of its security measures. The DeFi protocol stands among the most heavily audited ones, gaining two layers of audit every occasion.

The platform even proposes a bounty to developers who mark a working bug in the system. According to a string of tweets by Sovryn’s representative, the amount of bounty is higher than the exploit. Thus, the attacker might have gained more value by merely reporting the bug instead of trying to exploit it.

Nonetheless, Sovryn developers have constantly been working to identify more bugs to avoid such happenings. The fact that it remained unbreached for two years is a statement.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

Related Articles

Back to top button