Hacker Returns Stolen Funds to Texture, Keeps Bounty

Hacker Returns Stolen Funds to Texture, Keeps Bounty

In a security breach involving the DeFi protocol Texture , a hacker returned 90% of the stolen funds, securing a 10% bounty. The incident unfolded recently, with most of the $2.2 million in USDC recovered.

The hacked Texture funds return underscores the vulnerability within the DeFi sector. The hacker’s decision to return most of the funds has been met with cautious optimism, highlighting community trust challenges after breaches.

The Texture hacker incident

saw $2.2 million of USDC stolen due to a security vulnerability. The hacker returned about $1.98 million, opting to receive a 10% bounty instead. Texture’s official account confirms the hacker returned most funds.

A hacker has returned 90% of the stolen funds, claiming the 10% ‘gray hat bounty’ offered by the team. No further action will be taken against the hacker. We are working with auditors to complete code repairs and reviews, and the contract will be redeployed soon. – Texture Official Account, DeFi Protocol, Texture [1]

USDC holders on Texture were directly impacted by the breach, though the community supported the hacker’s resolution. No legal action will be pursued, with auditors now assisting contract repairs and redeployment expected soon.

The breach’s impact on USDC highlights the broader security risks in the DeFi sector. Historical trends reveal a rise in gray hat bounties with hackers opting to return funds. Texture plans to increase its security measures.

Financial concerns remain as Texture seeks to restore trust and stability. Expert analysis and industry data reveal a growth in technical exploits, increasing vigilance among DeFi stakeholders. Community transparency efforts persist.

The Texture incident signals a shift towards offering bounties post-breach, considered a viable option for mitigating asset losses. The collaboration with auditors and commitment to rolling out reparations reflects the sector’s adaptability to ongoing challenges.