The attacker will not compensate “rich Americans and Europeans who don’t need it” for their losses

​Cashio hacker offered refunds to some users

30.03.2022 - 08:00

80

1 min

What’s new? After hacking into the Cashio stablecoin protocol, the hacker offered to refund some users. The criminal asked the victims to justify why they should get their money back. The hacker stated that he would not reimburse losses to “rich Americans and Europeans who don’t need it.” The development team announced on their blog that users who lost less than $100 000 have already received their assets back.

Cashio developers’ blog

How did events develop? On March 23, the hacker exploited the vulnerability in the Cashio protocol and withdrew more than $28 million in cryptocurrency. As a result of the hack, the value of CASH dropped from $1 to $0,00005813.

On March 28, the criminal left a message in one of his transactions stating his intention to return the stolen funds to “those in need.” The developers of Cashio created a website where victims could send replies using a template provided by the hacker.

After the hack, a team from Saber, a cross-chain automated market maker on Solana, suspended all Cashio withdrawals and collaborated with the developers to freeze the smart contracts. Saber offered a $1 million reward for information that will help arrest the hacker.

What is Cashio? It is a DeFi protocol on the Solana blockchain that allows customers to issue CASH stablecoins. The deposits in the application are secured by interest-bearing tokens of the liquidity provider.

Author:

Vasiliy Smirnov Vasiliy Smirnov

Subscribe to Getblock Magazine and stay up to date with the latest news from the world of cryptocurrencies and the digital economy