Avalanche-Based Zabu Finance Sees $3.2M Hack
The attacker used Zabu’s “Transfer Tax” mechanism to mint tokens, sending their value to zero.
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Zabu Finance, an Avalanche-based decentralized finance (DeFi) protocol, has been exploited for $3.2 million.
- The protocol tweeted Saturday that its Spore Pool was possibly under an exploit and confirmed the attack on Sunday.
- The attacker used Zabu’s “Transfer Tax” mechanism to mint tokens, causing their value to slide to zero from about $0.0047.
- Having removed 4.5 billion ZABU tokens, the attacker then dumped them on the Trader Joe’s and Avalanche Pangolin exchanges on the Avalanche network.
- Zabu plans to take a snapshot of the situation immediately before the exploit to protect both users who invested before the hack and those who bought in afterwards.
- The exploit totaling an estimated $3.2 million is probably the “first big exploit” on the Avalanche blockchain, according to DeFi analytics provider DeFiprime.
Read more: Can Avalanche Keep It Up? DeFi Users Rush In as Incentives Roll Out
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Stablecoin market cap fell to $312B in June, its largest monthly drop since TerraUSD, while tokenized equity volumes surged 145% to a record $3.86B.
Stablecoin market cap fell to $312B in June, its largest monthly drop since TerraUSD, while tokenized equity volumes surged 145% to a record $3.86B.
Why it matters:
Stablecoin market cap fell to $312B in June, its largest monthly drop since TerraUSD, while tokenized equity volumes surged 145% to a record $3.86B.
