Bitcoin DeFi protocol Sovryn loses over $1 million in hack
Join Our Telegram channel to stay up to date on breaking news coverage Sovryn, a decentralized finance protocol on the Bitcoin network, has lost more than $1 million in an exploit. The hackers used a price manipulation technique to exploit the protocol. Sovryn DeFi platform loses over $1M in a hack The exploit in question happened earlier this week, where the culprit stole more than $1 million worth of cryptocurrencies from the protocol. The stolen funds comprise 211,045 USDT and 44.93 RBTC. A blog post from the DeFi platform on the matter said that the attacks targeted the Sovryn Borrow/Lend protocol, which affected the RBTC and USDT lending pools. RBTC is a stablecoin like Tether (USDT). However, while USDT’s price is pegged to the US dollar, RBTC’s price is pegged to Bitcoin. The DeFi platform runs on Rootstock (RSK), a Bitcoin sidechain seeking to expand Bitcoin’s smart contract, decentralized application (DApp), and scaling capabilities. The attackers ...