According to the developer’s statement wither based stablecoin protocol cashio The altcoin announced that it has been attacked by an “infinity bug”.
1 Dollar Indexed CASH Altcoin Price Reset!
After the exploit was exploited by malicious people, Cashio’s CASH The price of the altcoin has approached zero.
The developer team of the project said in a statement on Twitter:
“Please do not mint the CASH token. We are currently facing an unlimited mint deficit. We’re investigating the issue and think we’ve found the source of the problem. Please withdraw your funds from the pools.”
Please do not mint any CASH. There is an infinite mint glitch.
We are investigating the issue and we believe we have found the root cause. Please withdraw your funds from pools. We will publish a postmortem ASAP.
— Cashio ($CASH) 💵 (@CashioApp) March 23, 2022
CASH is known as a stablecoin pegged to the US dollar and its price is higher than Saber, a Solana-based market maker. USDT and USDC supported by resources. Until now, users were able to mint CASH by providing liquidity to the pool with USDT and USDC.
2 Billion CASH Tokens Hijacked by Hackers
The flaw in the platform was exploited by hackers on Wednesday, with Cashio’s smart contracts minting an endless amount of CASH without any liquidity being offered. According to blockchain data, 2 billion CASH was created by hackers without any USDC or USDT investment.
The hackers who carried out the attack exchanged the minted CASH tokens with other stablecoins in Cashio’s liquidity pools. Total locked value (TVL) on Cashio decreased by $28 million after the attack, according to DeFiLlama data.
Stablecoins based on other protocols have been victims of similar attacks in the past. Polygon-based Safedollar had all its USDC and USDTs stolen due to a deficit in June 2021, and its price had dropped to zero.
*Not investment advice.