Shezmu Recovers Stolen Funds After Paying 20% Bounty

Revenue protocol Shezmu recovered nearly $5 million in stolen funds within hours of successful negotiations with hackers, Cointelegraph reports. This morning blockchain analytics firm Fuzzland co-founder Chaofan Shou warned that one of Shezmu's repositories had been compromised. While it is uncertain whether the incident was intentional or an actual hack, Shou confirmed that approximately $4.9 million worth of cryptocurrency was stolen in the process.

Shezmu subsequently confirmed that one of its ShezmuUSD (ShezUSD) stablecoin vaults had been attacked and offered to urge the hackers to return the funds in exchange for a bounty without any legal consequences. The hackers responded to this request by asking for a 20 percent bounty instead of the initial 10 percent, which Shezmu agreed to pay.

Within hours, Shezmu began to recover the stolen funds one by one, but at the time of writing, not all funds have been restored, and the Shezmu team is urging investors to limit their interactions with the protocol's Oasis vault until further updates are available.