Bedrock Hack

TOTAL LOST $2.0M
Medium Other

Summarize with AI

ChatGPT Perplexity Claude Grok
Affected Chain 2024 Incident surface
Recovered - No recovery reported
All-Time Rank #647 By amount stolen
Protocol Type Exploit/Other Target category

Incident Overview

Quick Summary

On September 27, 2024, liquid restaking protocol Bedrock suffered a $2 million exploit related to its synthetic Bitcoin token, uniBTC. The protocol confirmed that the vulnerability had been addressed, and all remaining assets were declared safe.

Details of the Exploit

The exploit targeted Bedrock’s uniBTC, a synthetic Bitcoin token used in decentralized finance (DeFi) staking. Hackers managed to siphon approximately $2 million from decentralized exchange liquidity pools, exploiting a vulnerability in the smart contract that handled the token’s staking mechanism. However, Bedrock reassured users that the underlying assets—wrapped BTC and standard Bitcoin held in reserves—were unaffected.

The protocol quickly took measures to address the security flaw and ensure that no further losses occurred. Bedrock’s team is preparing a comprehensive post-mortem report alongside a reimbursement plan for affected users.

Block Data Reference

Exploiter:

https://etherscan.io/address/0x2bFB3730…BE9F96

Exploit tx:

https://etherscan.io/tx/0x725f0d65…177940

Incident Report

Protocol / Project Bedrock
Date of Incident
Attack Technique Other
Classification Other
Primary Source View Post-Mortem #1 View Post-Mortem #2

Protocol Information

Protocol Type Exploit/Other
Official Website www.bedrock.technology/
Protocol Twitter/X @Bedrock_DeFi
Team Anonymous
Source Code Unverified

Market Context at Time of Hack

Token Categories
DeFi DAO Ethereum Ecosystem BNB Chain Ecosystem Base Ecosystem Binance Alpha Binance Wallet IDO Binance Ecosystem
Protocol Links
GitHub Discord Telegram

What the Attacker Needed to Succeed

Understanding the prerequisites for this type of attack helps auditors identify protocols that are most at risk and helps developers build better defenses.

Technical Knowledge Deep understanding of other and Solidity and EVM internals
Capital Required Seed capital to cover gas and initial position setup
On-Chain Access Ability to interact with smart contracts and deploy a custom exploit contract
Protocol Analysis Identification of the exploitable vulnerability in Bedrock's contract logic - root cause: other
Execution Speed Precise transaction ordering and timing to exploit the vulnerability within a single atomic block
Obfuscation Plan A strategy to launder and move stolen funds - typically through mixers, cross-chain bridges, or decentralized DEX swaps to resist tracing

What Auditors Should Check

Could this have been caught in audit? Likely — with a thorough Other audit checklist and test coverage

If you're auditing a protocol with similar architecture to Bedrock, these are the critical security checks that could have prevented this incident (September 2024).

  • Verify all logic paths related to Other are guarded by proper access controls and input validation
  • Review privileged functions (owner, admin, governance) for potential abuse vectors - centralization risks should be documented and bounded with timelocks or multi-sigs

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Sources & References

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