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.

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