Sturdy Finance finds itself in a position where it may have to take an unconventional path to recover its stolen money. The Sam Forman-founded platform was the victim of a major hacking that led to the loss of around 442 ether which is equal to around $800,000.
SF has sent out feelers to the hacker that it is willing to give a bounty worth $100,000 in exchange for returns of the funds. It has also promised not to take legal action if the funds are returned to an address belonging to SF.
SF has tweeted the return address and Forman has said that he would be willing to give $100,000. It termed the offer as a premium and said it will not go after the hacker in the future. It signaled the commitment by Sturdy Finance to recover the stolen money without going in for legal recourse.
Sturdy Finance Money Stolen As Hacker Exploited Price Oracle To Siphon Funds
The attack occurred as the hacker manipulated a system weakness in the liquidity pools of Sturdy Finance. They exploited a price oracle and siphoned off the funds. The firm quickly responded and shut off its markets and prevented further losses.
Stury Finance has assured users that the remaining funds are safe. It has said that other funds are not in danger and has assured that it would investigate the reasons behind the massive security breach. It assured users that no such incidents would be allowed to occur again.
Hackers have repeatedly targeted Decentralized Finance platforms (DeFi) as they manage huge funds. The bounty offered by Sturdy Finance is an unconventional manner of pursuit but reflects a growing inclination among DeFi to recover stolen funds.
Traditional approaches are time-consuming and involve criminal charges and legal action. But while Sturdy Finance has defended its approach, others in the wider crypto community say that it could encourage similar attempts.