Solana Stablecoin Project Cashio Plummets To Zero After Multi-Million Dollar Hack

The price of Cashio's dollar-pegged stablecoin CASH has fallen from $1 to $0.00005 after an "infinite mint glitch" enabled attackers to mint tokens without providing collateral. Decrypt reports: Cashio developer 0xGhostChain took to Twitter to warn people "not to mint any CASH," adding that the team "are investigating the issue and we believe we have found the root cause. Please withdraw your funds from pools. We will publish a postmortem ASAP." According to DeFiLlama, roughly $28 million of value has been drained from Cashio's protocol due to the exploit. Still, Samczsun, a research partner at Web3 investment firm Paradigm, shared a bleaker picture on Twitter today. The researcher wrote: "Another day, another Solana fake account exploit. This time, Cashio App lost around $50M (based on a quick skim). How did this happen?" The project has not responded to Decrypt to confirm the scale of the attack.

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