Decentralized Lender Puts $100,000 Bounty On Recovering 442 Illicitly Drained Ethereum

Sturdy Finance, a decentralized lending platform, has put forth a $100,000 reward in an effort to retrieve the 442 Ether (CRYPTO: ETH) (equivalent to $800,000) that was illicitly drained from the platform on Monday.

The founder of Sturdy Finance, Sam Forman, validated the offer through a tweet in which he disclosed that his team communicated an on-chain message to the unidentified assailant’s cryptocurrency address.

The message proposes a bounty of $100,000 in exchange for the return of the stolen assets to a particular address held by Sturdy Finance.

Additionally, the message asserts that the team would “advocate for no criminal charges” should the funds be recuperated.

The tweet made by Forman states, “We are willing to offer you $100k as a bounty, and will not pursue you further if you send the remaining funds to 0x4e...89F5,” indicating that the cybercriminal might escape legal repercussions if they opt to cooperate.

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The proposition of the bounty was made in the aftermath of a security breach, during which the culprit exploited a reentrancy flaw in one of the liquidity pools managed by Sturdy Finance.

This loophole enabled the perpetrator to tamper with a price oracle, leading to the eventual unauthorized withdrawal of funds.

As an immediate countermeasure to the attack, Sturdy Finance suspended all its markets to mitigate any additional potential damages.

The company's team assuaged users by asserting that no other funds were endangered and pledged to conduct an exhaustive scrutiny of the platform’s security mechanisms.

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