Hacker exploits defi protocol TheStandard.io for $264k
TheStandard.io suffers a $264,000 theft by way of a PAXG liquidity pool exploit on Arbitrum.
Defi stablecoin protocol TheStandard.io has been hacked for $264,000, in response to reviews from blockchain safety analysts CertiK. The hacker allegedly carried out a low liquidity exploit of PAXG on Arbitrum.
A low liquidity exploit is a sort of assault the place a risk actor takes benefit of swimming pools with low liquidity to control asset costs for monetary acquire. On this case, the hacker exploited the PAXG liquidity swimming pools to steal 8,500 USDC and 280,000 Euro. Following the assault, practically €223,000 was utilized by the hacker to mint an Algebra place NFT.
TheStandard.io launched a press release affirming to prospects that each one collateral within the sensible vaults was protected. The platform additionally paused all new EUROs minting till the exploit is patched. The platform has additionally requested the attacker to come back ahead as a white hat and negotiate a deal.
Just lately, cybercriminals have been more and more concentrating on small defi and crypto tasks for fast features. In October alone, crypto scams and hacks have value customers over $32 million. TheStandard.io is actively investigating immediately’s exploit and in addition suspended the creation of any new vaults on the platform.
