Defi Platform Bzx Recovers Stolen $8.1 Million From Hacker

Decentralized Funding Protocol (defi) Bzx has reclaimed the $ 8.1 million it lost to a hacker a few days ago. The company claims it managed to track down the cyber thief, whom it refused to name for legal reasons, through its activities in the chain. Cornered, the attacker returned the booty.

“All funds were reclaimed from the attacker. We're going to restore the system, ”said Kyle Kistner, co-founder of Bzx, all in one statement published September 15. "The funds are now in the team's wallet and will be used to restore the credit pools."

On September 13, a flawed code in Bzx Smart contracts allowed the hacker to mint 219,200 LINK tokens (valued at $ 2.6 million). 4,503 ETH ($ 1.65 million); 1,756,351 USDT ($ 1.76 million); $ 1,412,048 USDC ($ 1.4M) and 667,989 DAI (worth $ 681,000) – all $ 8.1M.

Marc Thalen, the chief engineer at Bitcoin.com who discovered the bug, has finally received a $ 45,000 bounty. Initially, Bzx didn't want to give Thalen that much money and only offered him $ 12,500 as a bounty because "Marc didn't report the problem until the attack was mostly over."

In one thread Thalen complained on Twitter: "Bzx just mentioned on a phone call that it is not worth more than 12.5,000, as decided by the" independent "committee, and they want to stick to it." You are unwilling to reveal the body's identity. (I'm) really disappointed with Bzx. "

However, that number undermined the protocol significantly Bug Bounty Policy for high-level discoveries that can be paid for up to $ 350,000. Bzx later revamped his position following massive social media backlash and paid Thalen a “reasonable” $ 45,000.

Peckshield, one of two accounting firms that failed to identify the flawed code that led to the theft of $ 8.1 million crypto, said in a letter to the Bzx community that their first audit found 16 security issues that were fixed – but that's never enough.

"Bzx and Peckshield are developing a plan to review the log and set up real-time monitoring of key blockchain data indicators," he wrote. The measure is intended to improve security on the platform.

What do you think of Bzx recovering the $ 8.1 million worth of stolen crypto? Let us know in the comments below.

Photo credit: Shutterstock, Pixabay, Wiki Commons

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