Zunami Protocol Exploited For Over $2 mn
Bad actors attacked the DeFi project Zunami Protocol on August 13th, causing a loss of $2.1 million, according to estimates.
An additional victim has been added to the list of protocols impacted by the recent attack on Curve Finance: Zunami, a decentralised revenue aggregator project that lets users stake stablecoins for yield.
PeckShield, a blockchain security company, discovered the exploit first and immediately notified Zunami.
PeckShield claims that the attack, which brought in $2.1 million and counting for the bad guy, was carried out using price manipulation made possible by contributing to the protocol.
A $2 million profit was made by a hack that drained the zStables pools on Curve Finance, manipulating the price of Zunami Ether (zETH) and Zunami USD (UZD). PeckShield alerted Zunami Protocol, which confirmed the attack and advised users to avoid purchasing affected tokens. The collateral backing UZD is allegedly safe, but Zunami’s website claims one of the collateral holders is Curve, raising questions about the viability of those reserves.
(With inputs from Shikha Singh)
You need to login in order to Like
