Fei Protocol offers $10m for stolen funds

Fei Protocol has offered a $10m bounty to have funds taken in a hack returned with “no questions asked”.

The company lost $80m when its system was breached and is one of the latest crypto platforms to have been hacked. It’s also one of the most determined to get its funds back.

Fei Protocol acknowledged that the person who made it away with the funds had successfully analyzed an exploit in the overall system capacities and stole away with the eye-watering sum.

The company has said that if the funds are returned, the hacker would be able to use $10m of the funds legitimately.

Once someone steals cryptocurrency, it’s not easy to convert them into actual funds. Law enforcement are constantly on the lookout for identifiable people or companies who receive these funds.

Cashing out $80m in cryptocurrency can easily pinpoint the identity of the culprit, which is why Fei hopes that by offering the $10m it will be able to get back the harder to move $80m.

Fellow crypto platforms have offered similar bounties to hackers who made away with their customers’ funds.

Rari, another platform, agreed to honor a $2m payout to have funds restored. While hackers are not always going to respond, some do and they would much rather use money legitimately then have to mix them through online websites and potentially never have access to them.

A New York couple tried to cash out millions worth of bitcoin stolen years back and were immediately spotted and apprehended by the FBI.

The risks of dealing in hot cryptocurrency are very real and that is why some hackers would find such an offer appealing.

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Updated: 05/03/2022 — 17:00