STEAK Token Price Dropped By 99%

The Fantom-based DeFi Stake Steak protocol suffered from an exploit that allowed a hacker to create a huge amount of STEAK tokens, which resulted in a 99% drop in the price of the token.

The DeFi Stake Steak protocol is designed to support the peg between fUSD and USDC stablecoins. After creating a large number of STEAK tokens, the hacker sent the tokens to the market. In a matter of minutes, the price of the STEAK token fell from $5.18 to $0.10.

Steak developers warned users on Twitter not to buy the dip of STEAK tokens. The recovery of the rate is unlikely, since in the event of the compromise of the private keys of smart contracts, the token will not be able to recover until the implementation of the new contract. The exact cause of the exploit is unknown. The Stake Steak team has advised users that the funds in the SCREAM-FTM and USDC-FUSD pools are safe.

Image: Coin News