Hong Kong-based Linear Finance Hacked, Stablecoin Liquidity Drained

DeFi protocol Linear Finance was attacked on September 21, with the hacker draining liquidity from its Linear USD stablecoin.

Linear Finance Has Been Subjected To A Hacker Assault

Linear Finance responded by suspending contracts that allowed token minting, burning, or swapping, disabling its lUSD bridge contract, and monitoring the attacker by revealing linked pockets addresses with key exchanges and authorities. The protocol is now attempting to restore the harm brought on by the exploit to customers.

“Restoring the protocol and un-doing the harm for our customers will likely be our highest precedence till the problem is totally resolved,” mentioned Linear Finance.

Linear Finance has not but offered an replace on the standing of the investigation into the assault or the timeline for restoring the liquidity of the Linear USD token. Nonetheless, the corporate has acknowledged that it’s dedicated to offering its customers with a safe and dependable platform for decentralized finance.

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