Stablecoin Cashio collapsed by 99% after the hack

A hacker exploited a vulnerability in the protocol and withdrew $28 million worth of assets

23.03.2022 - 15:00

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What’s new? Cashio protocol has been hacked. This was reported by the project team on Twitter. Using a vulnerability that allows the issuance of an infinite number of stablecoins, the attacker mined 2 billion CASH tokens and then exchanged them for other assets through the decentralized exchange Saber. The hacker withdrew assets worth $28 million, according to Defi Llama. As a result of the hack, the value of CASH plummeted from $1 to $0,00005813.

Source: Twitter.com

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.

What preceded it? On March 22, the founder of the cryptocurrency investment firm DeFiance Capital lost around $1,6 million in NFTs and digital assets in a hacking attack on one of his hot wallets. On the same day, OneRing Finance, a multichain protocol, was hacked, resulting in a loss of about $2 million.

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