Unizen DeFi Platform Announces Compensation Plan Following $2.1 Million Breach

In a recent development, the decentralised finance (DeFi) platform Unizen faced a significant security breach, resulting in a loss of approximately $2.1 million in user funds.

PeckShield Identifies Blockchain Vulnerability Resulting in Over $2 Million Loss

On March 9, PeckShield, a blockchain analytics company, detected a security flaw termed as an "approve issue," leading to a loss exceeding $2 million. PeckShield advised users to promptly revoke platform approvals to mitigate further losses. SlowMist, another security firm, confirmed the total loss at $2.1 million, noting that the attacker converted stolen Tether to Dai, a stablecoin.

Unizen Offers 20% Reward for Help in Identifying Hacker

In response, Unizen directly engaged the hacker through an on-chain message on March 10, offering a 20% reward for the return of the assets. The platform revealed collaboration with law enforcement and forensic experts to uncover the hacker's identity. Despite ongoing negotiations, Unizen promptly decided to reimburse affected users.

Uxin Promises Quick Compensation to 99% of Victims, Accelerated by Founder-Funded Repayment Process

By March 11, Unizen announced plans to compensate 99% of victims swiftly. Individualised distribution processes were outlined, prioritising accuracy. Founder and CEO Sean Noga contributed personal funds to expedite reimbursements. Users with losses up to $750,000 were assured refunds in USDT or USD Coin, with tailored resolutions for larger losses.

Chief Technology Officer Confirms Compliance Analysis and Commits to Strengthening Security Measures

Unizen released an instructional video guiding users on reviewing and revoking platform approvals to prevent further vulnerabilities. Martin Granström, Unizen's chief technology officer, confirmed sufficient evidence for comprehensive breach analysis. He announced the forthcoming release of a detailed incident report and pledged investments in heightened security measures to avert future exploits.