Liquid Restaking Protocol Bedrock Loses $2 Million in uniBTC Security Exploit
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Bedrock, a multi-asset liquid staking protocol, has confirmed it suffered a security breach involving its synthetic Bitcoin token, uniBTC.
Hackers exploited a vulnerability in the protocol, resulting in a loss of approximately $2 million in funds.
“We want to inform you that the Bedrock team is aware of a security exploit involving uniBTC. The issue has been handled and funds are SAFU,” the project said in a post on X on September 27.
The team behind Bedrock stated that they have since addressed the issue and are actively working on a comprehensive plan to reimburse affected users.
They assured the community that all remaining funds on the platform are secure.
“A comprehensive reimbursement plan is being finalized and will be shared shortly together with a post-mortem report,” Bedrock stated in their announcement.
The bulk of the stolen funds were taken from decentralized exchange liquidity pools, but Bedrock emphasized that the underlying wrapped Bitcoin (BTC) tokens and standard BTC held in reserves remain safe.
The company is committed to transparency and is expected to release a detailed post-mortem report soon, outlining the nature of the exploit and the steps being taken to prevent future breaches.
⚠️Important Announcement from the Bedrock Team
We want to inform you that the Bedrock team is aware of a security exploit involving uniBTC. The issue has been handled and funds are SAFU.
We want to reassure everyone that the underlying wrapped BTCs and BTCs in reserves are…
Bedrock, launched in February 2023 by Singapore-based
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