The Protocol of The Stablecoin Cashio Dollar Has Been Hacked. The Price of The Token Fell By 99.9%

The protocol of the stablecoin Cashio Dollar based on the Solana blockchain has been hacked. The Cashio project team turned to users to withdraw their funds from the pools and promised to report the details of the incident soon.

It is known that the attacker managed to withdraw cryptocurrency in the amount of about $28 mln. He took advantage of a vulnerability that allowed him to mint an infinite number of Cashio Dollar tokens. Blockchain data shows that over 2 bln CASH has been minted. According to CoinGecko, the price of the token dropped by 99.9%, from $1 to $0.000058.

Stablecoins based on other protocols have been subject to similar attacks in the past. Polygon-based Safedollar dropped to $0 after an exploit in June 2021, with both USDC and USDT siphoned off by the hacker at the time.

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