R0AR Announces Buyback Initiative In Response To $785K Security Breach
In Brief
R0AR has announced a new buyback initiative as part of its broader recovery strategy in response to a recent security breach, with plans to acquire 1R0R from the open market.
Decentralized finance (DeFi) platform R0AR has revealed a new buyback initiative as part of its broader recovery strategy in response to a recent security breach. According to the platform, the buyback involves acquiring tokens on a weekly basis from the open market.
R0AR’s team clarified that the affected tokens accounted for only a small portion of the total circulating supply. It also reassured the community by stating that the platform’s treasury reserves remain intact and unaffected by the exploit.
“The project has been in development for several years, and this moment, while difficult, represents a starting point for strategic rebuilding,” said Dustin Hedrick, Founder and CEO of R0AR, during an AMA session. He further reaffirmed R0AR’s dedication to maintaining transparency in its operations and strengthening the overall resilience of its ecosystem.
R0AR Confirms Security Breach Via Smart Contract Backdoor, 100M Tokens Recovered In Ongoing Response Effort
R0AR is working to establish a blockchain infrastructure shaped by its community, with the 1R0R token playing a central role in powering staking, governance, and incentive mechanisms within the ecosystem.
The project reported a security incident last week tied to its 1R0R staking contract. According to disclosures from the team, the breach originated from a hidden backdoor function allegedly implemented by an external developer, previously considered a trusted contributor. This vulnerability was exploited to carry out unauthorized transfers, triggering a sharp decline of nearly 90% in the token’s value.
The compromised staking contract reportedly held around $785,000 in user assets. The attacker has used the backdoor to move the funds, which were later funneled through the privacy protocol Tornado Cash, complicating efforts to trace the destination.
“The developer responsible for the smart contract backdoor was not a member of the core team, but a trusted external contractor,” the team confirmed, noting that access has since been revoked and recovery efforts are underway. “As of April 18, approximately 100 million of the stolen tokens had been recaptured, with only two $1R0R tokens unaccounted for,” Dustin Hedrick added.
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
More articles
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
