Bedrock Protocol Hit by $2M Crypto Heist

Bedrock Protocol, a multi-asset liquid staking platform, has fallen victim to a security exploit, resulting in the loss of approximately $2 million in assets. The incident occurred on September 27 and was confirmed by Bedrock via a post on X.

The hackers targeted uniBTC, a synthetic Bitcoin token used in decentralized finance (DeFi). Most losses were reported in decentralized exchange liquidity pools, but underlying wrapped BTC tokens and standard Bitcoin held in reserves remained secure.

Bedrock assured users that all remaining funds are safe. The company plans to issue a reimbursement plan soon, with a comprehensive report on the incident following. 'A post-mortem report will be made available,' Bedrock stated.

This is the third consecutive hack in recent days, following breaches at BingX and Truflation. Bedrock is operated by Singapore-based blockchain firm RockX and offers synthetic representations of major blockchain tokens, including uniBTC, uniETH, and uniIOTX.