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Blueberry DeFi Protocol Suspends Lending Services After $1.3M Exploit

Blueberry successfully halted its lending services shortly after encountering an exploit that resulted in the drainage of over $1.3 million worth of Ether from the DeFi protocol.

In a post shared on February 23rd, the Blueberry Protocol Foundation disclosed that it was facing an “ongoing exploit” and advised users to withdraw their funds from Blueberry lending markets as the foundation took steps to suspend the protocol.

Blueberry Suffers Attack

Shortly after Blueberry’s initial announcement, users encountered withdrawal issues, prompting the protocol to acknowledge that its front end was also inaccessible.

“The front end is also down, so if you are able to interact directly with the contracts to withdraw, please do,” Blueberry stated in a subsequent post.

Both the website and app experienced a brief outage, citing “a client-side exception has occurred.”

Approximately 30 minutes later, Blueberry confirmed the successful suspension of the protocol. Its website has been restored and is now fully operational.

In an additional update, the protocol revealed that all drained funds had been intercepted by white hat hacker c0ffeebabe.eth and securely transferred to the Blueberry multisig. Initially, 457 ETH (~$1.34 million) was drained, but c0ffeebabe.eth managed to rescue 366 ETH (~$1.07 million) and return it to the multisig wallet, as reported by the team.

“Deposited funds are currently safe,” assured Blueberry. “Only three markets were affected, with the majority already returned. The total validator payment loss amounts to 91 ETH. We are reaching out and aiming for full repayment to users as our priority. The protocol remains paused.”

The Blueberry Protocol

The Blueberry Protocol operates as a decentralized lending market, facilitating lending and leveraged borrowing with collateral values reaching up to 20 times the original amount.

Before the recent incident, data from DefiLlama indicated that the protocol had a total value locked (TVL) of $4.5 million. However, following the exploit attempt, its TVL has plummeted to $3.11 million.

In a move to enhance security measures, Blueberry released a “security overview” on February 22nd, emphasizing its commitment to prioritizing security in development and risk mitigation to preempt any internal risks stemming from protocol activities.

The protocol underwent audits by Hacken and Sherlock, both of whom conducted independent token security assessments. However, the tweet promoting the “security review” is no longer visible on Blueberry’s feed.

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