Bad Actors Penetrate Bitcoin Backed DeFi Protocol And Steal $1 Million

Recently, Sovryn, a Bitcoin-based DeFi protocol, lost $1 million in digital assets through a hack. The hacker executed the attack through price manipulation and carted away $1 million in crypto, including 44.93 RBTC and 211,045 USDT.

The incessant hack attacks on crypto platforms have become a plague in the crypto industry, leaving questions of who would be next. The series of hacks has left the crypto ecosystem on edge.

Sovryn commented on the news in a blog post, saying the attackers targeted the legacy Sovryn Borrow/Lend protocol. The action affected the RBTC and USDT lending pools.

Sovryn protocol runs on Rootstock (RSK). RBTC is a Bitcoin-pegged crypto asset, while USDT is a dollar-pegged stablecoin. Both RSDT and USDT circulate on Rootstock. Rootstock is a side-chain of Bitcoin that en