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Blueberry Protocol Suspends Lending Following $1.3M Exploit

DailycoinDailycoin2024/02/23 18:16
By:Dailycoin
  • DeFi protocol Blueberry has been exploited.
  • The protocol confirmed the news on X (Twitter).
  • The protocol has been paused “until further notice.”

Decentralized finance (DeFi) protocol Blueberry has paused its lending services following a million-dollar exploit on three markets, including USDC .

On February 23, Blueberry alerted users to an “ongoing exploit” on its platform and warned that “the front end is also down.” The Blueberry team shared the message on X (Twitter) in response to PeckShield’s alert on an “apparent frontrun” on the protocol.

Blueberry Issues Further Updates on Exploit

An hour after the alert, the Blueberry team issued a detailed statement detailing the exploit.

The team confirmed that 457.684573171942049193 ETH (about $1.3 million) in transaction profits had been drained from the protocol following the attack. The frontrun affected three lending markets: BTC, OHM, and USDC .

Notably, the protocol stated that it had recovered 366.6462729 ETH, which was “returned to multisig.”

“All of the drained funds were front run by @ coffeebabe_eth (not real twitter, not on socials) and are now safe in the Blueberry multisig, less the validator payment.” The team wrote on X. “Total validator payment (loss) is 91 ETH. We are getting in touch and aim for a full repayment to users as the goal.”

Per the statement, the Blueberry team is in contact with security and comms professionals in an attempt “to contact the validator to return the remaining 91 ETH”.

Meanwhile, all contracts on the protocol have been paused “until further notice” as the team looks forward to issuing a full post-mortem of the incident later.

Read about the biggest crypto hacks of 2023:
Biggest Crypto Hacks of 2023 Resulted in Over 70% of Losses

Stay updated on the UN’s investigation into crypto hacks by North Korea:
UN Probes $3B Crypto Hacks by North Korean Actors

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Disclaimer: everything in the article represents the author's point of view and has nothing to do with this platform. This article is not intended to be used as a reference for making investment decisions.

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