1. BITBILIHome
  2. Article

Zunami protocol plunges into crisis as hackers make off with $2.1M

• 196 views

TL;DR Breakdown

  • The Zunami Protocol, a prominent player in the realm of decentralized finance (DeFi), recently issued a cautionary advisory to its user base, urging them to refrain from acquiring its Zunami Ether (zETH) and Zunami USD (UZD) stablecoins.
  • According to estimations made by PeckShield, a reputable blockchain security firm, the pilferage amounted to a staggering $2.1 million. 
  • One of its primary hubs for this activity lies within the Curve platform.

Description

The Zunami Protocol, a prominent player in the realm of decentralized finance (DeFi), recently issued a cautionary advisory to its user base, urging them to refrain from acquiring its Zunami Ether (zETH) and Zunami USD (UZD) stablecoins. This advisory came in the wake of a concerning incident that unfolded within the protocol’s ecosystem – an … Read more

The Zunami Protocol, a prominent player in the realm of decentralized finance (DeFi), recently issued a cautionary advisory to its user base, urging them to refrain from acquiring its Zunami Ether (zETH) and Zunami USD (UZD) stablecoins. This advisory came in the wake of a concerning incident that unfolded within the protocol’s ecosystem – an attack on its “zStables” pools hosted on the Curve Finance platform.

The pivotal moment arrived on August 13th when the Protocol officially acknowledged the occurrence of an attack via a post on their Twitter account, codenamed “X.” In their announcement, they disclosed that the stablecoin pools had indeed been subjected to an assault. However, they also emphasized that the security of the collateral remained intact as they initiated a comprehensive investigation to uncover the potential vulnerabilities exploited in the process.

Zunami hack

A deeper dive into the technical aspects of the situation reveals that the nefarious activity led to a significant monetary loss for the Protocol. According to estimations made by PeckShield, a reputable blockchain security firm, the pilferage amounted to a staggering $2.1 million. PeckShield attributed the breach to a critical issue involving price manipulation, which allowed the attacker to siphon off the substantial sum. Interestingly, another respected player in the blockchain security arena, Ironblocks, concurred with this assessment, further corroborating the scale of the attack.

In a testament to the swift responsiveness of the security experts in this field, PeckShield was among the first to detect the breach on Curve Finance, pinpointing the event on August 13th at precisely 10:47 UTC. This initial identification was later validated when the Protocol itself confirmed the incident roughly 20 minutes later. The coordinated effort between security firms and the protocol demonstrates the collaborative nature of the blockchain community in addressing such challenges.

The Protocol, recognized as a decentralized revenue aggregator protocol, operates by enabling users to engage in yield staking using stablecoins. One of its primary hubs for this activity lies within the Curve platform. Unfortunately, this attack had a severe impact on two integral components of Zunami’s ecosystem – the Zunami USD stablecoin and the Zunami Ether.

Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

文章来源于互联网:Zunami protocol plunges into crisis as hackers make off with $2.1M

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年8月15日 01:04
Next 2023年8月15日 02:27

Related articles

  • Biden’s family bagged $20m from shady foreign sources

    TL;DR Breakdown US House Oversight Committee reveals Biden family bank records. Records show over $20 million from foreign sources, notably Russia, Kazakhstan, and Ukraine. Funds linked to dinners in Washington attended by Joe Biden when he was Vice President. Description Joe Biden’s family has lately been under the intense scrutiny of the ever-watchful public eye. The US House Oversight Committee’s recent disclosure has thrown the financial dealings of the Biden family into a tempest of questions. A whopping $20 million sourced from foreign entities has added another layer to the unfolding political drama. Hunter Biden’s … Read more Joe Biden’s family has lately been under the intense scrutiny of the ever-watchful public eye. The US House Oversight Committee’s recent disclosure has thrown the financial dealings of the Biden family into a tempest of questions. A whopping $20 million sourced from foreign entities has added another layer to the unfolding political drama. Hunter Biden’s financial dance with foreign entities Delving into the nitty-gritty, a closer look at the bank records reveals transactions that extend beyond domestic confines. The tentacles of these…

    Article 2023年8月10日

  • Gemini Expands Its Horizons: Welcomes XRP Ledger to Its Platform

    TL;DR Breakdown Gemini now supports the XRP Ledger, bringing its total to 13 blockchain networks, enhancing trading options for its users. The XRP Ledger, overseen by Ripple, offers a unique consensus protocol, aiming to streamline cross-border transactions and remittances. Description In a significant move that underscores the ever-evolving landscape of the cryptocurrency world, Gemini, one of the leading cryptocurrency exchanges, has announced its support for the XRP Ledger. This addition broadens the platform’s offerings and aligns with its mission to pave the way for the next wave of financial, personal, and creative freedom. Contents hide … Read more In a significant move that underscores the ever-evolving landscape of the cryptocurrency world, Gemini, one of the leading cryptocurrency exchanges, has announced its support for the XRP Ledger. This addition broadens the platform’s offerings and aligns with its mission to pave the way for the next wave of financial, personal, and creative freedom. Contents hide 1 Gemini’s Growing Blockchain Family 2 Diving Deep into the XRP Ledger 3 What This Means for the Crypto Community 4 Conclusion Gemini’s Growing Blockchain Family Gemini’s…

    Article 2023年8月11日

  • Chinese hackers are spying on U.S. infrastructure secrets

    TL;DR Breakdown Chinese hackers are reportedly conducting cyber espionage against U.S. critical infrastructure, including telecommunications and transportation hubs. The hacking group, dubbed ‘Volt Typhoon’, is developing capabilities to disrupt key communication infrastructures between the U.S. and Asia. China has denounced these allegations as a “collective disinformation campaign” by the Five Eyes intelligence-sharing countries. Under the veil of anonymity, a sophisticated cadre of Chinese cyber warriors has been accused of prying into a broad array of U.S. critical infrastructure organizations. These alleged espionage activities span across telecommunications, and transportation hubs, and even reach as far as the strategic American military bases located in the U.S. island territory of Guam, according to reports from Western intelligence agencies and Microsoft. Cyber espionage hits strategic nerve points These revelations emerge against a backdrop of routine electronic espionage between the two superpowers. However, this current wave of cyber-espionage is gaining notoriety as one of the largest known Chinese-sponsored incursions against American critical infrastructure. The alleged cyber assailants, operating under the moniker ‘Volt Typhoon’, are feared to be cultivating capabilities that could interrupt pivotal communications infrastructure…

    Article 2023年5月27日

  • Popular DeFi platform Sturdy Finance hacked losing $800,000

    TL;DR Breakdown Sturdy Finance, a decentralized lending protocol, experienced a significant security breach today, resulting in a loss of 442 ether, equivalent to approximately $800,000. The attack began with a reentrancy attack, a method commonly employed to fraudulently withdraw funds from DeFi protocols. BlockSec, a security firm, identified the root cause of the breach as the typical reentrancy vulnerability in Balancer’s system. Sturdy Finance, a decentralized lending protocol, experienced a significant security breach today, resulting in a loss of 442 ether, equivalent to approximately $800,000. The attack was carried out by an unknown individual who exploited a reentrancy vulnerability within the system, enabling them to manipulate a faulty price oracle and siphon off funds. In decentralized finance (DeFi) applications like Sturdy Finance, price oracles play a crucial role by providing real-world price data. However, they can also serve as a prime target for hackers seeking to exploit vulnerabilities and compromise the security of the platform. The attack on Sturdy Finance began with a reentrancy attack, a method commonly employed to fraudulently withdraw funds from DeFi protocols. This type of attack…

    Article 2023年6月14日

  • Cryptocurrency-fueled Pro-ISIS fundraising campaigns exposed in Asia

    TL;DR Breakdown Recent reports by TRM Labs highlight ISIS’s increased use of cryptocurrencies in Asia. TRM Labs uncovers on-chain evidence linking pro-ISIS networks in Tajikistan, Indonesia, Pakistan, and Afghanistan to cryptocurrency activities. Tether (USDT) on Tron emerges as a preferred choice for funding pro-ISIS campaigns, leading to arrests and disruption of operations. Description Recent reports by blockchain analytics firm TRM Labs have highlighted an increasing use of cryptocurrency by ISIS and its supporters across Asia. TRM Labs found corroborating on-chain evidence over the past year, indicating that pro-ISIS networks in Tajikistan, Indonesia, Pakistan, and Afghanistan have leveraged cryptocurrencies to facilitate their activities. Most of these transactions were conducted … Read more Recent reports by blockchain analytics firm TRM Labs have highlighted an increasing use of cryptocurrency by ISIS and its supporters across Asia. TRM Labs found corroborating on-chain evidence over the past year, indicating that pro-ISIS networks in Tajikistan, Indonesia, Pakistan, and Afghanistan have leveraged cryptocurrencies to facilitate their activities. Most of these transactions were conducted using Tether (USDT) on the Tron network (TRX), a growing trend in this space….

    Article 2023年7月22日
TOP