Stablecoin UZD dips 99% following Zunami Protocol hack

Stablecoin UZD dips 99% following Zunami Protocol hack
фото показано с : invezz.com

2023-8-15 11:56

Blockchain security company PeckShield detected an attack on the decentralized finance (DeFi) project Zunami Protocol on August 13. The hackers stole over $2.1 million from Zunami’s Curve Pools through price manipulation.

Hi @ZunamiProtocol Today's hack leads to >$2.1m loss and there are two hack txs involved:
– tx1: https://t.co/jsOmPT62mk
– tx2: https://t.co/u7YOvoS0R9

It is a price manipulation issue, which can be exploited by donation to incorrectly calculate the price as shown in the… https://t.co/yqwMVy0pCA pic.twitter.com/OfrDni7KtE

— PeckShield Inc. (@peckshield) August 14, 2023

The perpetrator offered a flash loan before adding liquidity to execute some trades (at inflated costs). Afterward, he returned the borrowed cash and withdrew profits of over $2 million.

The attacker drained Zunami’s zStables on Curve Finance (CRV)and manipulated Zunami USD (UZD) and Zunami Ether (zETH) prices. That saw the former losing its peg, a crucial development for so-called stablecoins.

1 UZD traded at $0.0098 at press time, following a significant 99% plunge.

PeckShield alerted Zunami about the incident on August 13. The DeFi platform confirmed the attack and advised customers to stop buying affected assets (stabelecoin UZD & zETH). While the team investigates the episode, they revealed that the hack did not affect collateral.

The crypto community points out Zunami’s false claims

well that was a lie😂😂😂😂🤣🤣 pic.twitter.com/DPLm0P0HtF

— Degem Finder (@DegemFinder) August 14, 2023

The cryptocurrency community has slammed Zunami Protocol for its claims about top-notch de-peg prevention mechanisms. The platform promises proof of reserves that can help mitigate de-pegging risks. However, stablecoin UZD has endured a relentless plunge that saw it using its dollar tie.

DeFi security challenges

The recent attack on Zunami represents a series of hacking on DeFi protocols, exposing security weaknesses on decentralized finance platforms. Curve pools lost approximately $61M in crypto following July 30 attack.

Curve Finance showed efforts to unmask the perpetrator, even announcing a $1.85 million public bounty. Nonetheless, hackers seem ahead in exploiting DeFi’s security weaknesses.

Meanwhile, these incidents show how crucial vigorous security measures are in the DeFi market.

The post Stablecoin UZD dips 99% following Zunami Protocol hack appeared first on Invezz.

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zunami protocol stole hackers project august million

zunami protocol → Результатов: 8


A price manipulation hack causes Zunami protocol to lose $2.1M

Zunami Protocol has lost $2.1 million due to a flash loan hack that manipulated prices. The hacker used a flash loan to inject liquidity. The attacker made 1,152 ETH in the process. Zunami Protocol, a leading player in the decentralized finance (DeFi) industry, has suffered a serious setback after a security breach resulted in a […] The post A price manipulation hack causes Zunami protocol to lose $2.1M appeared first on CoinJournal.

2023-8-14 15:00


Фото:

Хакеры вывели $2,1 млн из протокола DeFi Zunami

Протокол «доходного майнинга» Zunami Protocol был взломан. По данным компании PeckShield, работающей с безопасностью блокчейнов, из пулов ликвидности проекта хакеры вывели активов на $2,1 млн.

2023-8-14 13:39