Zabu Finance suffers the first major exploit in Avalanche Defi and loses 3.2 million US dollars-Defi
Zabu Finance suffers the first major exploit in Avalanche Defi and loses 3.2 million US dollars-Defi
Zabu Finance, a decentralized earnings farm protocol on Avalanche, suffered the first big hack in connection with the chain. According to reports, the protocol was victims of an exploit who made it possible for an attacker to steal tokens worth $ 3.2 million. The core of the exploit is due to a weak point in the design of the Spores token, which enabled the shape of 4.5 billion ZABU, which were successfully deducted from the platform, which brought the value of the currency to 0.
Zabu Finance suffers the first big avalanche hack
zabu finance, a decentralized earnings farm protocol built on the avax-blockchain, confronted The big first hack in connection with the avalanche chain last week. An attacker has used a weak point and deducted several cryptocurrencies worth $ 3.2 million. The attack had its root in a pool of a token called Spore, which made it possible for the attacker to shape over 4.5 billion of the native tokens of the protocol (ZABU).
The tokens were then thrown into other defi trading protocols that use avalanches, such as pangoline and trader Joe. The stock exchange quickly opened withdrawal so that users can withdraw their money from the platform in order to minimize the risk of these assets. This massive sale means that the price of Zabu drops to zero, which means that investors lose a large amount of funds that are in the form of the tokens.
The protocol quickly presented a plan to reimburse the users their losses.
reimbursement plan
affected stakers receive Airdrop-NFTS that represent compensation rights and we use the protocol revenue to buy them back later. The protocol revenue includes NFT sales, car farm fees and launchpad fees.
Zabu announced that all income from his next NFT project called Zabu The Tiger will be used to compensate the owners before hacking.
according to data The Zabu-token is now traded at $ 0.0009276 and is therefore below the price of $ 0.004 the token before the token Hack had. The team informed the users that they carried out an ongoing audit after the hack to avoid such problems.
Despite the hack, AVAX still has seven-day value locked (Tvl) This week by 17.44 % on $ 2.37 billion and defi Projects thrive on the Internet.
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