![\"Defi](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2020\/09\/defi-platform-bzx-recovers-stolen-8-1-million-from-hacker-768x432.jpg\")
<\/p>\n<\/p>\n
Decentalized finance (defi) protocol Bzx has recovered the $8.1 million it lost to a hacker a few days ago. The company claims it was able to track down the cyber thief, whom it refused to name for legal reasons, through their on-chain activity. Cornered, the attacker returned the loot.<\/strong><\/p>\n \u201cAll funds have been recovered from the attacker. We are restoring the system,\u201d said Kyle Kistner, co-founder of Bzx, in a statement <\/a> released on September 15. \u201cThe funds are now in the team wallet and being used to restore the lending pools.\u201d<\/p>\n On September 13, a faulty code in Bzx smart contracts allowed the hacker<\/a> to mint 219,200 LINK tokens (valued at $2.6 million); 4,503 ETH<\/a> ($1.65 million); 1,756,351 USDT<\/a> ($1.76 million); 1,412,048 USDC ($1.4 million) and 667,989 DAI (worth $681,000) \u2013 all totaling $8.1 million.<\/p>\n Marc Thalen, the Bitcoin.com lead engineer who discovered the bug, has finally been paid a bounty of $45,000. Initially, Bzx did not want to pay out that much amount of money to Thalen, offering him just $12,500 as bounty because \u201cMarc had only reported the issue when the attack had mostly concluded.\u201d<\/p>\n In a thread<\/a> on Twitter, Thalen complained: \u201cBzx just mentioned on a call it doesn\u2019t feel like it\u2019s worth more than 12.5k as their \u2018independent\u2019 panel decided to and they feel like sticking to it. They are not willing to disclose [the] identities of the panel. [I\u2019m] really disappointed in Bzx.\u201d<\/p>\n However, that figure severely undermined the protocol\u2019s own bug bounty policy<\/a> for high-level discoveries, which can be paid up to $350,000. Bzx later reconsidered its position following a massive social media backlash and paid Thalen a \u201creasonable\u201d $45,000.<\/p>\n Peckshield, one of the two audit firms that failed to identify the defective code that led to the theft of the $8.1 million crypto, said in a letter<\/a> to the Bzx community that its initial audit identified 16 security issues that were fixed \u2013 but that is never enough.<\/p>\n \u201cBzx and Peckshield are developing a plan to re-examine the protocol and set up real-time monitoring on key blockchain data indicators,\u201d it wrote. The measure is expected to enhance security on the platform.<\/p>\n What do you think about Bzx recovering the $8.1 million stolen crypto? Let us know in the comments section below.<\/strong><\/em><\/p>\n The post Defi Platform Bzx Recovers Stolen $8.1 Million From Hacker<\/a> appeared first on Bitcoin News<\/a>.<\/p>\n