Hacker exploits defi protocol TheStandard.io for $264k

Hacker exploits defi protocol TheStandard.io for $264k

TheStandard.io suffers a $264,000 robbery by means of a PAXG liquidity pool exploit on Arbitrum.

Defi stablecoin protocol TheStandard.io has been hacked for $264,000, in line with stories from blockchain safety analysts CertiK. The hacker allegedly performed a low liquidity exploit of PAXG on Arbitrum. 

A low liquidity exploit is a kind of assault the place a danger actor takes benefit of swimming pools with low liquidity to govern asset costs for monetary acquire. On this case, the hacker exploited the PAXG liquidity swimming pools to scouse borrow 8,500 USDC and 280,000 Euro. Following the assault, just about €223,000 was once utilized by the hacker to mint an Algebra place NFT. 

TheStandard.io launched a commentary asserting to shoppers that each one collateral within the sensible vaults was once secure. The platform additionally paused all new EUROs minting till the exploit is patched. The platform has additionally asked the attacker to return ahead as a white hat and negotiate a deal. 

Not too long ago, cybercriminals had been an increasing number of focused on small defi and crypto initiatives for fast positive aspects. In October by myself, crypto scams and hacks have value customers over $32 million. TheStandard.io is actively investigating as of late’s exploit and in addition suspended the advent of any new vaults at the platform. 

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