5.4 C
London
Tuesday, December 3, 2024

Warm Statement from the Developers of the Token whose Price Reset Today: What Will Happen Now?

Date:

Related stories

Strategies to Make Vegetables Enticing for Your Child

This article discusses strategies for encouraging children to eat...

New Airlines Set to Launch at Paris-Orly in 2025: Ryanair, Volotea, and More

Air France will gradually cease operations at Paris-Orly by...

Mid-2025 Marks Easing of Home Loan Regulations

The Financial Market Stability Committee has reported no systemic...

Essential Income Requirements for Securing a Mortgage of 250,000 Euros or More

Mortgage rates have dropped to an average of 3.4%...

French Political Crisis: Revisiting the Day That Signaled the Downfall of the Barnier Administration

Prime Minister Michel Barnier announced his intention to invoke...
- Advertisement -

DeFi platform earlier today Linear Finance As Bitcoinsistemi.com, we reported that it was under a hack attack.

After the attack cryptocurrency belonging to the platform LUSD The price of its stablecoin dropped to zero. However, the developers published a new statement about the latest situation.

According to the official statement from the Linear Finance team, the hacker managed to mint an unlimited amount of ℓAAVE, a synthetic asset that tracks the AAVE price, and then exchanged it for LUSD on Linear Exchange. The hacker then sold the LUSD stablecoin on PancakeSwap and Ascendex, two decentralized exchanges that support it, draining all liquidity and causing the LUSD price to drop to zero.

Linear Finance Announces Precautions Regarding the Attack

The team claims to have taken immediate measures to protect the protocol, its assets, and its users. They announced that they were discontinuing all contracts that allowed tokens to be minted, burned or traded, and disabled the bridge contract for LUSD.

They also assigned an industry-leading team to track down the attacker and bring him to justice, according to the statement. They also shared the wallets involved in the attack with all major exchanges and authorities.

In their statement, the developer team argued that restarting the protocol and compensating users for the damage they suffered were their top priorities.

*This is not investment advice.

For exclusive news, analysis and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android And iOS Start live price monitoring now by downloading our applications!


source site-4

Latest stories