Decoding the if, but, and so of ‘Cashio Hack’
DeFi hacks have become a major concern for the entire crypto ecosystem. In a recent incident, Solana’s stablecoin project Cashio lost $50 million in a hack. Dozens of victims were left shocked after the CASH stablecoin plummeted to a low of $0.00005 right after the exploit.
According to CashioApp, the hacker exploited an “infinite mint” glitch on the network to create counterfeit CASH. The attacker created about two billion additional tokens of the cryptocurrency, which he swapped for other kinds of stablecoins via CashioApp, as per an investigation by blockchain intelligence company TRM Labs.
<p lang=«en» dir=«ltr» xml:lang=«en»>Please do not mint any CASH. There is an infinite mint glitch.We are investigating the issue and we believe we have found the root cause. Please withdraw your funds from pools. We will publish a postmortem ASAP.
— Cashio ($CASH)
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