DeFi Protocol xToken Suffers $24.5M Exploit
The protocol said minting has been paused on all contracts while an investigation takes place.
Decentralized finance (DeFi) protocol xToken said it suffered an exploit Wednesday by an attacker who used flash loans to take $24.5 million.
xSNXa and xBNTa contracts have been exploited. Minting paused on all contracts as we investigate further.
— xToken (@xtokenmarket) May 12, 2021
Liquidity pools have been drained, however most SNX and BNT remain in xToken contracts.
We owe the community an explanation and will be providing another update shortly
- According to Mudit Gupta, blockchain team lead at Polymath, the attacker got away with more than $8 million in xToken's SNX tokens and more than $6 million in the protocol's BNT tokens.
xToken contracts from @xtokenmarket exploited, the hacker got away with $8m+ in SNX and $6m+ in BNT tokens. The hacker minted more xSNX and xBNT than they should have. I had a very brief look at the transaction and here's the VERY EARLY analysis 🧵👇: https://t.co/VyrudLjD1y
— Mudit Gupta (@Mudit__Gupta) May 12, 2021
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Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.
Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.
Why it matters:
Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.
