фото показано с : invezz.com

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

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.

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

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.

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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