Home DeFi Exploit Collapses LUSD Stablecoin To Zero

DeFi Exploit Collapses LUSD Stablecoin To Zero

Share
Share

DeFi Exploit Collapses LUSD Stablecoin To Zero

Linear Finance experienced an attack on September 21, causing the drain of all LUSD liquidity on PancakeSwap and Ascendex. The attacker minted an unlimited supply of LAAVE, traded it to LUSD on the Linear Exchange, and sold the tokens on PancakeSwap and Ascendex decentralized exchanges.

The Linear Team has halted all smart contracts and bridges on the DeFi protocol, and no updates have been made on the protocol’s X feed since the initial alert. They have engaged an industry-leading team to track the attackers and share wallets with major exchanges and authorities. Restoring the protocol and preventing further damage for users will be their top priority until the issue is fully resolved.

Linear Finance’s total value locked at $8 million, according to DeFiLlama, and it appears to have not tanked due to a DeFi exploit.

(With inputs from Shikha Singh)

Share

Latest News

News

Robinhood UK Crypto Launch Offers 50+ Tokens With Zero Trading Fees

In the UK, Robinhood Markets is growing its cryptocurrency business by permitting qualified clients to purchase and trade cryptocurrencies in addition to...

News

US CPI, Pi Network Upgrade & Token Unlocks To Watch This Week

Bitcoin is starting the week near $65,000 at the time of writing, as the crypto market prepares for several important events from...

News

Empery Digital Cuts Unrestricted Bitcoin Holdings By 76%

Empery Digital sold 1,635 Bitcoin for $102.2 million between July 1 and Aug. 6, cutting its total holdings to 1,279 BTC, according...

News

Wall Street Tightens Grip On Crypto As Institutions Drive 72% Of Spot Flow

Instead of distributing capital throughout the larger market, institutions are concentrating liquidity into fewer tokens. This week, Wintermute revealed that institutional investors...

Related Articles

Best Memecoin Launchpads Of 2026

Memecoins have been a point of attraction for crypto investors since their...

Best AI Crypto Projects Of 2026

The Artificial Intelligence (AI) sector is attracting very significant venture capital investments...

This Is How Indians Can Invest In Global Assets In 2026

Introduction Can Indians invest in global assets, too? The answer is yes....

Click, Tokenize, Own: How RWA Tokenization Is Rewriting Financial Markets

A Quiet Revolution In Ownership Each generation tends to think it is...