DeFi protocol StakeSteak lost around $200,000 in an exploit

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One of the fantom network DeFi protocols, named StakeSteak, suffered an attack today, losing 80,636 FTM and 81,351 USDC, making a total of $196,439 approximately. As per the reveal by the protocol, the main reason behind the hack was the cramping of a private key from its Github repository. This key was there for more than five months. 

Talking to the media, the protocol admitted that the incident was a “fatal slip” and took complete ownership for the exploit.

StakeSteak will rebrand the protocol

After the breach, the protocol has revealed that it is planning the release of an exclusive token, which would be airdropped before the exploit to STEAK investors and LPs. The protocol, meanwhile, acknowledged that the issuance has not planned this after the exploit. Rather, instead of the old “staking STEAK,” the platform was planning to rebrand further operational offerings.

Rebranding the protocol will also include renaming the platform either as “Steak StableSwap” or as “Singularity Swap” with the naming token as the Singularity. Before proceeding with the brand change, the Defi protocol sought support from the community.

‘While we have moved away from ‘Staking STEAK’ to more functional and helpful products, we have already been battling with the issue of the rebranding before the breach. This fastens the decision to rebrand after the compromises of the STEAK contracts. However, before making a brand modification, we want customer input.”

The protocol also added their opinions on compensation plans after the attack. They said that they would take a snapshot before the exploit, which will include all the STEAK holders. This means the list will contain all xSTEAK, STEAK-FTM LPs, STEAK-fUSD, STEAK-FTM, STEAK-iFUSD holders. Then the platform will look for all the addresses in the snapshot to convert them into the new token proportional at a good rate. This will be the compensation after the loss suffered from the attack.

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