THELOGICALINDIAN - The STEAK badge has comatose from 518 to 026
Fantom DeFi agreement Stake Steak has suffered an accomplishment acceptance a hacker to excellent massive amounts of the protocol’s STEAK token, causing the amount to blast over 93%.
Stake Steak Protocol Attacked
Another DeFi agreement has been hacked, this time on Fantom.
Stake Steak, a DeFi agreement that aims to accumulate the fUSD and USDC stablecoins pegged, has suffered an exploit, abolition the protocol’s STEAK accolade badge by 93%.
It appears that a hacker has managed to excellent a massive bulk of STEAK tokens while additionally devaluing clamminess provider tokens for the STEAK-FTM clamminess pool, and has drained funds from several developer wallets. After minting the STEAK tokens, the hacker dumped them assimilate the market, abolition the amount in a amount of minutes.
In acknowledgment to the incident, the Stake Steak developers took to Twitter, admonishing users not to try and “buy the dip” by purchasing STEAK tokens. In contempo months, several hacks and exploits accept acquired agreement tokens to blast in value, alone for them to apace go aback up afterwards the accomplishment is fixed, as was the case with THORChain and Popsicle Finance.
This time, amount accretion is not likely. Onlookers on Twitter accept acicular out that if the clandestine keys of the acute affairs accept been compromised, the badge will not be able to balance until a new arrangement is deployed.
Currently, the exact account of the accomplishment is unknown. However, the Stake Steak aggregation has reassured users that funds deposited into the protocol’s SCREAM-FTM and USDC-FUSD pools are safe. Additionally, the aggregation has declared that a abounding post-mortem of the adventure will chase already they accept how the accomplishment occurred.
Disclaimer: At the time of autograph this feature, the columnist endemic BTC, ETH, and several added cryptocurrencies.
