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News

Stablecoin Cashio on Solana exploited for $28 million in ‘infinite mint glitch’

March 23, 2022 - Around 2 mins mins to read

A stablecoin Cashio on the Solana blockchain was hacked for $28 million, lost practically all of its value. Cashio Dollar ($CASH) is an algorithmic stablecoin that was launched in November 2021 by a developer known as 0xGhostChain. Anyone can mint tokens by depositing liquidity tokens from the Saber platform for the two stablecoins UDST and USDC. They can exchange the stablecoin for the liquidity tokens that support it.

According to data tracking site DeFi Llama, the total value locked within the protocol plummeted from $28.87 million to $570,000 shortly after 9:00 a.m. UTC. At the same moment, according to data tracking site CoinGecko, the stablecoin’s price plunged from $1 to nearly $0.

An infinite mint glitch happens when a protocol is structured in such a way that it allows a user to mint as many tokens as they want without providing any collateral that would otherwise be required. Once someone has the ability to mint a limitless number of tokens, they can sell them on the market, causing the price of a token to plummet.

Stablecoin Cashio on Solana exploited for $28 million in 'infinite mint glitch'
Cashio’s total value locked fell by $28 million today. Source: DeFi Llama.

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.

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News

Stablecoin Cashio on Solana exploited for $28 million in ‘infinite mint glitch’

A stablecoin Cashio on the Solana blockchain was hacked for $28 million, lost practically all of its value. Cashio Dollar ($CASH) is an algorithmic stablecoin that was launched in November 2021 by a developer known as 0xGhostChain. Anyone can mint tokens by depositing liquidity tokens from the Saber platform for the two stablecoins UDST and USDC. They can exchange the stablecoin for the liquidity tokens that support it.

According to data tracking site DeFi Llama, the total value locked within the protocol plummeted from $28.87 million to $570,000 shortly after 9:00 a.m. UTC. At the same moment, according to data tracking site CoinGecko, the stablecoin’s price plunged from $1 to nearly $0.

An infinite mint glitch happens when a protocol is structured in such a way that it allows a user to mint as many tokens as they want without providing any collateral that would otherwise be required. Once someone has the ability to mint a limitless number of tokens, they can sell them on the market, causing the price of a token to plummet.

Stablecoin Cashio on Solana exploited for $28 million in 'infinite mint glitch'
Cashio’s total value locked fell by $28 million today. Source: DeFi Llama.

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.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

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