CASH, a dollar-pegged stablecoin of Cashio, recently plummeted from $1 to $0.00005 following a multi-million-dollar hack. As a result of the “infinite mint glitch,” the attackers were able to loot countless tokens via minting, and without providing collateral.
Following the hack, Cashio developer 0xGhostChain issued a statement on Twitter imploring people to desist from minting cash. The tweet read:
“Please do not mint any CASH. There is an infinite mint glitch. We are investigating the issue and we believe we have found the root cause. Please withdraw your funds from pools. We will publish a postmortem ASAP.”
The total value, in dollar terms, drained from Cashio’s protocol as a result of the breach reportedly sits at $28 million. This is according to DeFi TVL aggregator DeFiLlama. However, another source, Paradigm research partner Samczsun puts the stolen loot at $50 million, which is near twice the first-reported amount. As of press time, Cashio had neither confirmed nor denied any of these given figures.
The Cashio hack is simply the latest in a growing instance of DeFi protocol breaches via an “infinite mint” glitch. Back in December 2020, some DeFi developers attacked the DeFi insurance project, Cover, subsequently minting fake tokens to provide liquidity to Balancer. The total damage wrought by that attack was $3 million.
Cashio Dollar, a stablecoin native to the Solana protocol, launched back in November 2021.
Image Credits: Pixabay
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