Immediate Reimbursement: Unizen’s Response to $2.1M Hack
Unizen, a decentralized finance (DeFi) protocol, has pledged to reimburse users who lost $750,000 or less as a result of a recent security breach. The platform suffered a compromise and lost around $2.1 million in user funds. Blockchain analytics firm PeckShield alerted the community to an “approve issue” with the DeFi platform on March 9, reporting that over $2 million had already been drained. Users were advised to revoke approvals to prevent further losses. SlowMist, a security company, estimated that the attacker had swiped $2.1 million and exchanged Tether for the stablecoin DAI.
In response, the DeFi protocol sent a message to the hacker, offering a 20% bounty in exchange for the return of the remaining stolen funds. The protocol is cooperating with law enforcement and forensic experts to identify the attacker. While the negotiations for the bounty are ongoing, the DeFi protocol wasted no time in compensating the victims of the hack. On March 11, they announced that they would reimburse 99% of the affected users as quickly as possible. Refunds have already begun for those who lost less than $750,000, and they will be made in USDT or USD Coin.
Unizen Founder and CEO Sean Noga loaned funds to the company to refund the victims of the hack. For users who lost more than $750,000, the DeFi protocol stated that they would handle each case individually. The company also released a video guide to help users review and revoke approvals in the platform, reducing the risk of further losses. Unizen’s chief technology officer, Martin Granström, confirmed that they have gathered sufficient evidence for a post-mortem report and are collaborating with third-party firms on the matter. Granström assured the community that an incident report will be published soon and emphasized the company’s commitment to investing in enhanced security measures in the future.
7 thoughts on “Immediate Reimbursement: Unizen’s Response to $2.1M Hack”
Leave a Reply
You must be logged in to post a comment.
Thank you, Unizen, for prioritizing its users’ safety and taking accountability for the security breach.
Wow, it’s great to see that Unizen is taking responsibility for the security breach and reimbursing affected users!
Offering a 20% bounty to the hacker? Are you kidding me? Unizen should focus on getting the stolen funds back instead of negotiating with criminals. It’s their responsibility to protect their users’ assets!
This is unacceptable! How could Unizen allow such a massive security breach to happen? They should have had better precautions in place to protect their users’ funds!
Unizen’s so-called post-mortem report seems like an excuse to cover up their mistakes. They should have been proactive in securing their platform in the first place!
Unizen’s CEO’s commitment to loan funds reinforces trust in the platform.
It’s great to see Unizen cooperating with law enforcement to ensure justice is served. ⚖️