1. BITBILIHome
  2. Article

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

• 152 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

  • What to know about DBS’ digital yuan payment solution

    TL;DR Breakdown DBS launches an e-CNY merchant collection solution, marking a significant innovation in digital currency transactions in China. The solution allows businesses to collect payments in e-CNY, China’s central bank digital currency, enhancing transaction efficiency. Description In the intricate weave of today’s global finance, DBS, one of Singapore’s most influential banks, is pioneering innovative solutions for the rapidly emerging digital currency market. In particular, the bank’s recent launch of an e-CNY merchant collection solution in China, marking one of the first foreign bank endeavors in this arena, is a significant step … Read more In the intricate weave of today’s global finance, DBS, one of Singapore’s most influential banks, is pioneering innovative solutions for the rapidly emerging digital currency market. In particular, the bank’s recent launch of an e-CNY merchant collection solution in China, marking one of the first foreign bank endeavors in this arena, is a significant step forward. This new addition to the digital banking landscape empowers corporate clients to collect and reconcile payments in e-CNY, China’s central bank digital currency (CBDC), efficiently and effectively. A revolutionary…

    Article 2023年7月7日

  • Coinbase challenges U.S. regulatory climate aims for  crypto-friendly nations

    TL;DR Breakdown Coinbase’s vice presidents for international business and international policy, Nana Murugesan and Tom Duff Gordon, identified the European Union, the United Kingdom, Canada, Brazil, Singapore, and Australia as their “near-term priority markets.” Murugesan and Duff Gordon noted that many parts of the world are making significant progress in creating crypto-friendly regulatory frameworks, except for the United States. The exchange also aims to engage with the Group of Twenty (G20) to advocate for the development of global cryptocurrency standards.  Description Coinbase, a leading cryptocurrency exchange, has outlined its strategic focus on several countries outside the United States, citing their more transparent and clearer crypto regulations. In a blog post published on September 6, Coinbase’s vice presidents for international business and international policy, Nana Murugesan and Tom Duff Gordon, identified the European Union, the United Kingdom, … Read more Coinbase, a leading cryptocurrency exchange, has outlined its strategic focus on several countries outside the United States, citing their more transparent and clearer crypto regulations. In a blog post published on September 6, Coinbase’s vice presidents for international business and international…

    Article 2023年9月8日

  • FTX Australia’s financial license canceled

    TL;DR Breakdown The financial regulatory authority of Australia has taken a significant step by revoking the financial license of FTX Australia. Despite the license being revoked, FTX Australia will be allowed to offer limited financial services to its clients until July 12 next year as they finalize their dealings with their customer base. Despite its troubled past, there is speculation that the exchange may not entirely disappear from the market.  Description The financial regulatory authority of Australia has taken a significant step by revoking the financial license of FTX Australia, a crypto exchange that had already filed for bankruptcy. On July 19, the Australian Securities and Investments Commission (ASIC) made the official announcement regarding the cancellation, which had been in effect since July 14. However, despite … Read more The financial regulatory authority of Australia has taken a significant step by revoking the financial license of FTX Australia, a crypto exchange that had already filed for bankruptcy. On July 19, the Australian Securities and Investments Commission (ASIC) made the official announcement regarding the cancellation, which had been in effect since…

    Article 2023年7月19日

  • TD Cowen shuts down its crypto unit

    TL;DR Breakdown Investment bank TD Cowen has shut down the crypto unit of its firm. Challenges continue to linger in the crypto space. TD Cowen, the American independent investment bank, has announced the shutdown of its crypto unit, Cowen Digital, just over a year after its launch. The closure, effective June 1, comes without a clear explanation from the bank. Cowen Digital was established in March 2022 to offer institutional clients exposure to the cryptocurrency market, featuring 16 digital assets such as Bitcoin and Ethereum. The unit had plans to expand its services to include futures, derivatives, and decentralized finance. TD Cowen blames market uncertainty for the closure The closure of Cowen Digital follows a recent email circulating online, indicating the team’s termination and leaving approximately 10 employees without jobs. The email did not disclose the reasons behind the decision. The move is notable as Cowen bank itself had experienced changes in the past year, including its acquisition by TD Bank Group for $1.3 billion in August 2022, a deal finalized in March 2023. It is worth mentioning that TD…

    Article 2023年6月5日

  • Base protocol’s TVL skyrockets to over $390 million after Aerodrome launch

    TL;DR Breakdown Base Protocol’s Total Value Locked (TVL) doubled to $380 million following the launch of its new feature, Aerodrome, which has already facilitated the deployment of over 100 protocols. The surge in TVL is a significant milestone for Base Protocol, indicating a growing interest in its ecosystem. Description The Total Value Locked (TVL) of Base, a Layer 2 Ethereum network, has moved past $390  million. This dramatic increase was primarily fueled by the launch of Aerodrome, a new decentralized exchange incubated on the Base network. The development has positioned Base as a formidable player in the decentralized finance (DeFi) landscape, attracting significant attention … Read more The Total Value Locked (TVL) of Base, a Layer 2 Ethereum network, has moved past $390  million. This dramatic increase was primarily fueled by the launch of Aerodrome, a new decentralized exchange incubated on the Base network. The development has positioned Base as a formidable player in the decentralized finance (DeFi) landscape, attracting significant attention from both investors and developers. The Aerodrome effect Base’s TVL experienced a significant uptick following the introduction of…

    Article 2023年9月3日
TOP