Cashio, a stablecoin project on the Solana Blockchain, was recently exploited for millions of dollars after attackers leveraged an “infinite mint glitch.”
The value of Cashio’s dollar-pegged stablecoin CASH fell from $1 to $0.00005 after an “infinite mint glitch” exploit allowed hackers to mint tokens without providing collateral.
Cashio Dollar (CASH) is an algorithmic based stablecoin that was launched by a developer known as 0xGhostChain in November of 2021. Anyone can mint CASH tokens by depositing liquidity tokens for the two stablecoins UDST and USDC from the Saber platform. Saber is a Solana Based Decentralized Exchange. Users may then redeem the stablecoin for the underlying liquidity tokens.
Video Chapters:
00:00 – Intro
00:35 – Hackers Loot Millions from Solana Stablecoin, Cashio
02:11 – Cashio hack not Without Precedent
03:09 – Criminal and Civil liability
03:44 – DYOR Before Investing in DeFi Project
05:01 – Reminiscence of Wormhole Bridge Hack (Jump Capital Reimbursement)
07:00 – Final Thoughts/Outro
Sources:
Cashio Hack Decrypt Article:
#Solana
#Blockchain
#crypto
#cryptocurrency
#defi
#stablecoins
#cashio
#sol
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SCAM COIN…people just dont get this…stay away from Junk coins
Damn, I hope they can compensate the holders if they can. This is just unacceptable.