Bedrock Collaborates With Chainlink To Strengthen Security After Hacking Rp30 Billion

Bedrock cooperates with Chainlink to strengthen security after hacking Rp30 billion (Photo; Doc. Cryptotimes)

JAKARTA - Bedrock, a leading liquidity staking platform, recently experienced a hacking incident that caused the loss of around US$2 million (around Rp30 billion) on September 27. Despite facing this attack, Bedrock immediately took swift and effective recovery measures, including partnering with Chainlink to strengthen security systems through proof of resources technology. This move demonstrates Bedrock's commitment to maintaining user confidence and ensuring the safety of their funds.

In a statement, Bedrock confirmed that the hack occurred in the smart contract uniBTC, which was exploited to print 30.8 uniBTC. The token was then exchanged for WBTC in the Uniswap pool. As a result, about 2 million US Dollars (approximately Rp30 billion) of liquidity were affected, especially inside the Uniswap pool. However, other assets such as uniETH and uniIOTX were reportedly not affected by this hack.

According to Bedrock's investigation, as many as 125 addresses involved in the exploit have been identified. However, this issue is only limited to uniBTC's smart contracts, so it doesn't spread to other assets on the platform.

As a recovery measure, Bedrock collaborates with Chainlink, a decentralized oracle network, to provide proof of reserves solutions. With this integration, Bedrock will be able to prove to its community that every unit of tradeable uniBTC has equivalent BTC reserves, providing security guarantees for users.

Bedrock also ensures that uniBTC tokens can still be exchanged 1:1 with the original Bitcoin, giving investors more confidence in the security of their funds on this platform. In addition, Bedrock plans to reactivate its unstaking feature, allowing users to simply withdraw their assets.

To prevent future attacks, Bedrock announced that it will conduct additional audits on smart contracts and improve its real-time security monitoring system for a full 24-hour period. Not only that, but the company also plans to apply for the establishment of security funds and bug bounce programs, as incentives for parties helping to find security vulnerabilities on the platform.