Decentralized Finance (DeFi) protocol, Bzx, which lost $8.1 million to a hacker, has <a href="https://bzx.network/blog/incident" target="_blank" rel="noopener">announced</a> to recover all the funds on September 15.

As per the public statement released by the company, the DeFi platform used its on-chain activity to track down the hacker. Presently, due to some legal reasons, the company has refused to reveal the name of the cyber thief. 
<h2>Bzx Restoring Lending Pool</h2>
Bzx's co-founder, <a href="https://www.cryptoknowmics.com/news/attackers-breach-into-defi-lending-protocol-bzx-lost-around-8-million/">Kyle Kistner</a>, has recently stated that soon after the company recovered the stolen funds from the hackers, the DeFi protocol starts restoring its system.

Kistner has further mentioned that the recovered $8.1 million has now been kept in the team wallet. The company has been using it to restore the lending pool. 

On September 13, the attacker was able to breach into the DeFi platform and steal $8.1 million in cryptocurrency.

According to the report, a faulty code appeared in the smart contracts of Bzx, which helped the hacker in entering into the platform. At that time, he stole 219,200 LINK tokens worth $2.6 million; 4,503 ETH worth $1.65 million; 1,756,351 USDT worth $1.76 million; 1,412,048 USDC worth $1.4 million and 667,989 DAI worth $681,000.
<h2>Bounty Offer Of $45,000</h2>
It was the Bitcoin.com lead engineer Marc Thalen who discovered the bug in Bzx smart contract for the first time. Now the company has paid him a bounty of $45,000 for his work. 

Initially, Bzx had offered $12,500 as bounty to Thalen, as it did not want to pay him more and the reason was that the lead engineer reported the issue only and that too when it was almost concluded.

Thalen was disappointed with Bzx and said, “Bzx just mentioned on a call it doesn’t feel like it’s worth more than 12.5k as their ‘independent’ panel decided to and they feel like sticking to it. They are not willing to disclose [the] identities of the panel.”

The report states that the bounty offered by Bzx undermined its own bug bounty policy, which claims to pay up to $350,000. However, later, the DeFi protocol had to reconsider its decision as it started facing a huge social media backlash and paid $45,000 to Thalen.

Bzx Starts Restoring Its System After Recovering $8.1 Million From Hacker

Decentralized Finance (DeFi) protocol Bzx, which lost $8.1 million to a hacker, has announced to recover all the funds on September 15.

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.

Bzx Starts Restoring Its System After Recovering $8.1 Million From Hacker

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