The cryptocurrency world is full of possibilities and under these possibilities, there are several chances of witnessing hacks and frauds. This time Solana (SOL) based DeFi application, Cashio which lets users mint CASH (app’s stablecoin) came under the hacker attack. As per Samczsun, crypto security researcher, CashioApp has lost around $50 million during the hack.
Cashio Dollar down to $0.00005
According to reports, after the hack attack, Cashio Dollar plummeted from $1 to $0.00005. Meanwhile, the app issued an advisory ‘not to mint CASH as there is an infinite mint glitch.’
The DeFi app informed that they are investigating the issue and might have found the root cause. The notice advised the users to withdraw their funds from pools and wait till the next statement.
Hacker steals $50 million
However, Samczsun has explained that the unknown attacker created multiple fake accounts and then chained them all the way back up until they finally made a fake crate_collateral_tokens account.
Cashio didn’t establish a root of trust for all of the accounts it used, an attacker was able to steal approximately $50M by forging a chain of fake accounts, said Samczsun
Data from Defi Llama depicts that the hacker has managed to drain $28 million from the total value locked (TVL) in Cashio. After the attack, the locked value stands at $579,283.
Recently, two decentralized finance Agave and Hundred Finance experienced the hack attack. The hacker successfully managed to steal $11 million worth of funds in wrapped ETH, wrapped BTC, wrapped XDAI, Chainlink, USDC and Gnosis.
The post Breaking: Solana (SOL) DeFi App Cashio Loses Millions in Hack appeared first on CoinGape.