Zabu Finance Suffers First Big Exploit in Avalanche Defi, Loses $3.2 Million

zabu finance suffers first big exploit in avalanche defi loses 3 2 million

Sumary of Zabu Finance Suffers First Big Exploit in Avalanche Defi, Loses $3.2 Million:

  • Zabu Finance, a decentralized yield farming protocol on Avalanche, suffered the first big hack related to the chain.
  • The protocol was the victim of an exploit that allowed an attacker to steal $3.2 million in tokens, according to reports.
  • The attack had its root in a pool of a token called Spore, which allowed the attacker to mint over 4.5 billion of the native token of the protocol (Zabu).
  • The tokens were then dumped in other defi trading protocols leveraging Avalanche, like Pangolin and Trader Joe.
  • The exchange quickly opened withdrawals to allow users to take their funds from the platform to minimize the risk of these assets.
  • However, the protocol quickly presented a plan to reimburse users for their losses.
  • The protocol already is rebuilding its farming protocols, and it plans to launch NFT that represents the debt to each protocol.
  • It declared: Affected Stakers will get airdrop NFTs, that are the representation of the compensation rights and we use protocol revenue to buy them back later.

Want to know more click here go to source.

From -

Close
Generic selectors
Exact matches only
Search in title
Search in content

Site Language


By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close