HomeNEWSEra Lend unveils recovery plan after security breach

Era Lend unveils recovery plan after security breach


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Prominent decentralized lending protocol, Era Lend has revealed new plans after suffering an attack last week. In a blog post, the protocol disclosed some of the plans championed by the efforts to strengthen its platform against future attacks. In the post, Era Lend emphasized its readiness to incorporate new features that’ll protect users and enhance their experience while using the platform.

Accordingly, Era Lend indicated plans to redeploy a new version of its protocol. As announced, this protocol is a secure version audited by renowned blockchain analytical firm, PeckShield. Meanwhile, the decentralized lending platform will transit its previous protocol that suffered the attack into Era Lend Classic. The platform went on to highlight its willingness to proceed with previous plans for the development of its protocol. 

Further, in the announcement, Era Lend revealed that all aspects of product development, protocol operations, and business development will regain their previous momentum. However, the protocol indicated that it is not willing to let go of the stolen funds. The decentralized lending platform stated plans to collaborate with partners to track and reclaim the stolen funds. In addition, Era Lend signified that it will “relentlessly seek prosecution of the hacker.”

Era Lend also announced that it has onboarded SlowMist as its security consultant. The platform discussed how it will leverage the expertise of SlowMist to trace the stolen assets. Likewise, the blockchain security outlet will as well offer advice to Era Lend regarding the security features of future product upgrades. In addition, the firm said it will commit protocol fees towards compensating those affected by the attack.

Background to the attack on Era Lend

Recall that on July 25, 2023, Certik, a blockchain security firm, raised an alarm about the attack on Era Lend. The blockchain security firm cited that the hacker drained $3.4 million worth of crypto from the protocol. According to findings, the hacker employed a “read-only reentrancy attack” to siphon the assets. 

A “read-only reentrancy attack” is a type of malicious activity that disrupts a multi-step process, then resumes the procedure after carrying out the illicit attack. Simply, it is a type of attack that doesn’t update the status of a contract. Now, Era Lend will focus on incorporating new measures to prevent future attack.

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David Idowu
David Idowu
David Idowu is a crypto reporter and trader with wealthy years of experience. He believes that blockchain technology has numerous opportunities that are begging for proper utilization. Away from work, David is either reading about World Politics, History or Tech Innovations.

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