Bedrock Confirms $2M Security Incident, Integrates Chainlink for Proof of Reserves

Bedrock, a liquidity staking platform, confirmed a security incident on Sept. 27 that affected approximately $2 million in liquidity, primarily within the Uniswap pool.

Bedrock, a liquidity staking platform, has experienced a security breach that impacted around $2 million in liquidity, mainly in the Uniswap pool, on Sept. 27. The platform has taken steps to address the incident, including integrating with Chainlink for proof of reserves and implementing additional security measures.

According to a post-mortem shared by Bedrock on Oct. 11, the vulnerability was present in the uniBTC smart contract, which was exploited to mint 30.8 uniBTC and swap them for WBTC in Uniswap pools. The vulnerability was identified and exploited by 125 addresses.

However, the issue was limited to the uniBTC smart contract, and other assets like uniETH and uniIOTX were not affected by the vulnerability.

"This ensured that other assets, such as uniETH and uniIOTX, remained secure and were not subject to any unauthorized activity," the post-mortem noted.

After the incident, Bedrock took several steps to address the situation. The platform integrated with Chainlink, a decentralized oracle network, to establish proof of reserves. This measure aims to demonstrate to the community that there are sufficient funds to back uniBTC.

"Chainlink's reliable oracles will help us showcase that there are enough funds to back uniBTC to its community, ensuring that for every unit of uniBTC, there is a corresponding equivalent amount of BTC available," the post-mortem explained.

Regarding the redemption of the tokenized BTC, Bedrock stated, "We guarantee uniBTC can be 1:1 redeemed, ensuring that for every unit of uniBTC, there is a corresponding equivalent amount of BTC available. This guarantees our users that their investments are secure, providing confidence in the stability of our platform."

Moreover, Bedrock's post-mortem reassured users and announced plans to enable unstaking functionality, allowing users to easily withdraw their staked assets. It also disclosed plans to collaborate with partners to redeploy liquidity on decentralized exchanges.

"To prevent future attacks, we will conduct additional smart contract security audits and implement round-the-clock real-time security monitoring," Bedrock stated. "Furthermore, we will also propose establishing a security fund and bug bounty program."

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