Shezmu, a DeFi protocol, recently experienced a hack resulting in the theft of $5 million. The hacker exploited a vulnerability in one of Shezmu's vaults, allowing them to mint collateral and take out ShezUSD loans. Shezmu began negotiating with the hacker and ultimately agreed to a 20% bonus for the return of the stolen tokens. The hacker started returning the stolen assets, with assurances from Shezmu that the remaining funds would also be recovered. Shezmu has outlined a strategy to support impacted LPs, including an airdrop of 80% of the lost liquidity and selling debt tokens to redeem the remaining 20%. They have also activated recovery mode for their Balancer ShezETH pool. The protocol will publish a post-mortem report on the incident and implement measures to enhance security in the future.
- Content Editor ( coinpedia.org )
- 2024-09-23
Shezmu Hack Unveiled: How $5M Was Stolen and Partially Recovered