Price of Cashio Project Stablecoin Drops Following Hack Attack

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Solana-based protocol Cashio has been attacked, which has made the price of the stablecoin CASH fall to zero. In addition, the TVL of the project has decreased by $28 million. According to the project devs:

“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 developers have promised to reveal the details later.

CASH is an algorithmic stablecoin pegged to the US dollar, issued by the protocol against collateral in USDT and USDC on DEX Saber. The asset can be exchanged for liquidity tokens on the platform to participate in yield mining.

The vulnerability allows bad actors to mint an infinite number of tokens, usually without providing any collateral. An attacker can sell coins, putting pressure on the price of an asset.