Yield Aggregator Zunami Protocol Hacked, Lost Over $2.1 Million

Key Points:

• According to on-chain monitoring by PeckShield Inc., the Zunami protocol was hacked, resulting in over $2.1 million in losses.
• The cause was initially identified as a price manipulation issue, which could be exploited by donating to calculate incorrect prices.
• The protocol confirmed the hack and said the collateral was safe.

According to a report by on-chain data investigation firm PeckShield Inc., the yield aggregation protocol for stablecoin staking, the Zunami Protocol, was hacked today, causing more than $2.1 million in damage.

According to PeckShield Inc., Zunami Protocol experienced an attack on the zStables team on its Curve Finance. The project also confirmed the issue and advised users not to buy zETH and UZD at this time because their emissions have been hacked.

An estimated $2.1 million was stolen from Zumani’s Curve Pool on August 13, suggesting that mining is involved in price manipulation.

Despite this, the protocol also states that the collateral in the pool is safe for now, and the matter is currently under investigation for clarification.

Zunami is a decentralized protocol that issues aggregated stablecoins, whose collateral is utilized in omnipools and differentiated among various profit-generating strategies. We create Omni pools and issue zStables on top of them. Currently, we have launched two aggregated stablecoins – UZD and zETH.

zStables aim to lead the charts by aggregating the best tools in the market. zStables has a unique feature of enabling and disabling rebased depending on their location. This allows for the redistribution of collateral income in the most advantageous way.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.