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Stader Labs Hit by $800K+ Exploit
August 18, 2022
MINS
Stader Labs will cover all losses incurred on its NEAR liquidity pools. The multi-chain liquid mining protocol also published a statement on the incident.
NearX Smart Contract Exploit
A hacker recently exploited Stader Labs’ NEAR liquid staking pool, using vulnerabilities in its NearX smart contract to steal more than $800,000 worth of funds.
During the incident, which occurred on Aug. 16, the attacker “gregoshes.near” stole up to 165,000 $NEAR (currently trading at about $5.10 per token). However, it didn’t affect users who staked $NEAR on Stader’s Decentralized Application (dApp). Instead, it affected $NEAR liquidity in the NearX/Near liquidity pool, according to Stader’s statement on Aug. 17.
“The ~ 2.5Mn $Near staked on the Stader dApp is completely secure with the validators, and the attack had no impact on it. The losses pertain largely to the $Near liquidity in the LPs,” Stader wrote.
The attacker took advantage of a bug associated with minting NearX and minted 20 million $NearX tokens. Further, the hacker transferred the minted tokens to his/her wallet without any $NEAR token staked against it.
The attacker later drained all $NEAR liquidity from NearX/Near liquidity pools in Stader’s supported Decentralized Exchanges (DEX), Ref Finance, and Jumbo Exchange. This was done by swapping the minted $NearX tokens for $NEAR. The team’s quick intervention to contain the exploit by pausing all $NearX transactions ensured that users’ funds were unaffected.
Stader will cover the total losses incurred in the Near/NearX pool. The protocol is also making positive moves to ensure that a similar incident does not resurface. One of them is launching a bug bounty program in partnership with Immunefi to detect more bugs on NearX smart contracts.
Read the Stader publication to learn more about the incident plus plans to avoid more vulnerabilities.
What Is Stader Labs:
Stader Labs was founded in April 2021 by Amitej Gajjala, Sidhartha Doddipalli, and Dheeraj Borra. It specializes in cryptocurrency stake management. Stader plans to use decentralized financial protocols and applications to manage stakes efficiently on public blockchain networks. Currently, the company's staking product is available on Hedera, Polygon, Fantom, Terra 2.0, BNB and Near blockchains. Stader plans to extend its support to Solana, Ethereum and Cosmos soon.
Stader Labs raised $12.5 million this January in a strategic private sale, raising their valuation to $450 million. Stader Labs is backed by Pantera Capital, Coinbase Ventures, Jump Capital, Accomplice, Accel, Huobi Ventures, Hypersphere, and True Ventures, among others.
Where to find Stader Labs:
Website | Twitter | Medium | Telegram | Discord
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Do Kwon Faces Extradition to the United States Over Terra Crypto Collapse
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December 7, 2023
The decision, yet to be officially announced, follows the US Securities and Exchange Commission's (SEC) charges against Kwon for alleged crypto asset securities fraud.
Montenegro's Justice Minister is reportedly inclined to extradite Do Kwon, the founder of Terraform Labs, to the United States, according to a recent report from The Wall Street Journal.
Do Kwon, a key figure in the Terra blockchain ecosystem, is wanted by the United States and South Korea for his alleged involvement in the downfall of Terra's digital assets.
The decision follows Kwon's arrest in Montenegro last March. The collapse, which occurred in May 2022, triggered a broader market downturn affecting major players in the cryptocurrency space.
Legal Maneuvers and Extradition Talks
Kwon, who initially agreed to be extradited to South Korea, now faces the possibility of extradition to the United States. Montenegro's Justice Minister has privately communicated the decision to send Kwon to the US to answer charges related to financial crimes.
The specific charges include commodities fraud, securities fraud, wire fraud, and conspiracy to defraud and engage in market manipulation during Kwon's tenure at Terra.
Despite Kwon's earlier agreement for extradition to South Korea, the final decision rests with Justice Minister Milovic. The minister may await the outcome of a potential last-ditch appeal by Kwon against the court ruling.
Milovic emphasized that the decision would be made public "in a timely manner," leaving room for speculation on the intricate legal proceedings.
SEC Charges and Market Impact
The United States Securities and Exchange Commission (SEC) had previously charged Kwon with defrauding investors in crypto schemes in February. The legal action marked a pivotal moment, linking Kwon to allegations of orchestrating a multibillion-dollar crypto asset securities fraud.
In May 2022, Terraform Labs' collapse had a significant impact on the broader cryptocurrency market, impacting major platforms like Voyager Digital, BlockFi, Celsius Network, and FTX.
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This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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