R0AR Unveils Buyback Plan After Facing $785K Security Incident
In Brief
As part of its recovery efforts following a security breach, R0AR has revealed plans to implement a buyback strategy where they aim to purchase 1R0R tokens directly from the market.
DeFi Platform R0AR The decentralized finance platform has disclosed a new buyback plan as part of its recovery efforts in response to the security breach. They have outlined that the buyback will focus on acquiring tokens from the open market on a weekly basis.
The R0AR team reassured its community, clarifying that the compromised tokens represented only a minimal fraction of the entire circulating supply. They emphasized that the platform's treasury reserves remain robust and undamaged by the breach.
"The project has been in development for several years, and while this situation is challenging, it marks a pivotal moment for strategic recovery,\" stated Dustin Hedrick, the Founder and CEO of R0AR, during an AMA session. He further reiterated the project's commitment to transparency and the enhancement of its ecosystem's resilience.
R0AR Reports Security Breach Via Smart Contract Exploit, 100 Million Tokens Reclaimed in Ongoing Recovery Actions
R0AR is dedicated to developing a blockchain framework driven by community input, where the 1R0R token is essential for enabling staking, governance, and various incentive structures within the ecosystem.
The project reported a security incident Last week, it was revealed that the breach was linked to its 1R0R staking contract. Team disclosures indicated that a concealed backdoor function, allegedly put in place by a former trusted developer, was exploited. This vulnerability allowed unauthorized fund transfers and plunged the token's value by nearly 90%.
The compromised staking contract reportedly contained approximately $785,000 worth of user assets. The perpetrator exploited the backdoor to transfer these funds, which were subsequently laundered through the privacy protocol Tornado Cash, making it challenging to trace their final destination.
"The developer who created the smart contract backdoor was not part of the core team but was a formerly trusted external contractor,\" confirmed the team, noting that their access has been revoked, and recovery efforts are progressing. \"As of April 18, we have managed to retrieve about 100 million of the stolen tokens, with only two $1R0R tokens still missing,\" added Dustin Hedrick.
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