Edel: Attack losses will be absorbed by the team, and withdrawal functions are planned to be restored within 48 hours.

Foresight News reports that lending protocol Edel Finance has provided an update following its recent attack, stating that the incident has resulted in approximately $403,000 in bad debt for the protocol. Upon detecting the anomaly, the Edel team immediately suspended all V1 contracts. Edel V1 remains paused and is expected to resume normal operations, including withdrawals, within roughly 48 hours.

The Edel team stated that users will not suffer any losses from this incident. The team will absorb the bad debt themselves and restore affected depositors’ balances on a 1:1 ratio. Meanwhile, the team has tracked the attacker’s transaction records and is coordinating with exchanges and ecosystem partners. They have also issued a formal white hat settlement proposal to the attacker, requesting the return of the remaining funds within a specified timeframe in exchange for a security bounty.

Previously, Foresight News reported, citing CertiK monitoring, that the lending market Edel Finance was attacked today. The attacker exploited a mechanism where the price of wGOOGLx collateral depended on its GOOGLx balance, manipulating this to steal approximately $204,000 through borrowing.