Avalanche (AVAX) chain’s Zabu Finance sees a $3.2 million exploit | CryptoSlate


Zabu Finance, a decentralized finance (DeFi) protocol on Avalanche (AVAX)  has recently been exploited for roughly $3.2 million worth of crypto tokens. 

The exploited protocol confirmed the attack on Twitter, clarifying that the funds were stolen from its SPORE pool.

What happened? 

“Zabu Team Wallet has not sold a single Zabu. We’re under an exploit, possibly from Spore Pool. We’re investigating the exploit. Need help Pangolin, Trader Joe, Avalanche,” Zabu Finance announced the exploit on Twitter, while reaching out to the network and the popular decentralized exchanges (DEXs).

How To Get Free Crypto  

The exploited protocol confirmed that the hacker interacted with the blockchain contract and “successfully pulled out 4,5 billion Zabu tokens from Zabu Farm Contract, dumped all to Pangolin LPs and Trader Joe LPs of Zabu, stole around $600K.” 

A blockchain security and data analytics company PackShield reported on Twitter which funds were stolen, estimating the exploited amount to $3.2 million.

“The same bug happened many times before,” PackShield commented on the vulnerability in the contract used by yield farms to distribute rewards, where native tokens have been reportedly exploited all the way to $0,00.

The removal of a large amount of ZABU tokens drove the price down rapidly.

Prior to the attack, the token was trading at around $0.004, while today it struggles at around $0.0001, according to CoinGecko.

Coinbase Banner  


“As all supply is reached in a bad way, we are burning all ZABU in Dev Wallet and Treasury Wallet,” announced the exploited protocol on Twitter.

The protocol advised investors to withdraw their holdings or risk losing their assets to the attacker as they “calmed down people by showing them the team was also a victim and burned all team tokens.” 

The Zabu team has announced a plan to return tokens to investors based on a snapshot from before the hack, while also seeking a solution for those that bought in after the exploit.

“In that way, people who lost money pre-hack will get distributed the tokens, and continue to support the protocol if they want. For the late buyer (post-hack), they can also participate in the Farm V2 by staking what they’ve bought in a Zabu V1 Staking Pool,” clarified the team.

FreeBitcoin Banner  

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Posted In: DeFi, Hacks

Like what you see? Subscribe for updates.

Go to Source
Author: Ana Grabundzija

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.