Bedrock, a multi-asset liquid staking protocol, has recently reported a significant security breach relating to the synthetic Bitcoin token, uniBTC. The incident has resulted in the theft of approximately $2 million in assets, prompting the protocol’s team to take action to address the vulnerabilities that led to the compromise.
In a statement on September 27, Bedrock acknowledged the exploit and reassured its users that measures had been implemented to mitigate further risks. The protocol confirmed that all remaining funds are secure, and a comprehensive reimbursement plan is currently being developed to compensate affected users. Bedrock indicated that additional information, including a post-mortem report detailing the incident, would be shared with the community soon.
The majority of the losses occurred within decentralized exchange liquidity pools, but Bedrock clarified that the underlying wrapped Bitcoin and standard Bitcoin held in reserves were not impacted. This reassures investors about the integrity of the protocol’s remaining assets, even amid the recent exploit.
Launched in February 2023 by the Singapore-based firm RockX, Bedrock aims to entice institutional investors by ensuring high levels of compliance with know-your-customer (KYC) and anti-money laundering (AML) regulations. The protocol provides decentralized financial products such as uniBTC, uniETH, and uniIOTX, allowing users to earn yields through staking on various blockchain tokens.
With more than $240 million in total value locked (TVL), Bedrock has emerged as the eighth-largest liquid staking protocol in the cryptocurrency space, according to recent data. The rapid expansion of liquid and native restaking sectors continues to reshape the market landscape, particularly following the introduction of the ETH restaking protocol Eigenlayer earlier this year, which itself has achieved over $12.1 billion in TVL.
