Millions lost as Solana DeFi app hacked cashio suffering

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Solana stablecoin protocol Cashio has suffered an “infinite mint problem” exploit. A hacker withdrew millions of dollars from the protocol and the CASH stablecoin collapsed. CryptoExplanation has found a lot of evidence suggesting that the attacker has previously worked under the name Ariyusuha to execute multiple scams in the NFT space.

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The Solana stablecoin protocol Cashio has suffered an exploit that causes the main storacoin CASH to crash completely.

Cashio was hacked for millions

cashio, a stable coin protocol on Solana, has suffered a major exploit.

PLEASE DO NOT CASH. There is an endless mint problem.

We are investigating the issue and believe we have found the cause. Please withdraw your funds from the pools. We will publish the posthumous ASAP.

— Cashio ($CASH) 💵 (@CashioApp) March 23, 2022

Casio's team announced the incident on Twitter early Wednesday. “Please do not make any CASH,” the group wrote. “There is an infinite problem.” He stated that he is investigating the matter and has found the cause.

cashio is a Solana-based DeFi application that allows users to mine CASH stablecoins. On Cashio, all deposits are backed by interest-bearing liquidity provider tokens. For example, one can deposit funds from USDT and USDC to Mint CASH. In this case, the hacker found a vulnerability that allowed them to create an unlimited supply of CASH without sufficient support.

according to Data from SolscanThe attacker mined two billion CASH stablecoins and then converted them into other collateral assets (mostly other stablecoins) on the Saber decentralized exchange. Per Defi Lama The hacker released an estimated $28 million worth of transactions. Following the incident, Saber issued an update announcing that it has suspended its CASH liquidity pools.

As a result of the exploit, CASH, whose value was supposed to be pegged to the US dollar, has completely collapsed.

While the exact amount of damage caused by the attack is not known, a prominent crypto security researcher known as Samzsun tweeted that the loss on chain data from the “fast skim” was around $50 million.

Update: Upon further investigation, Crypto Briefing has learned that the man behind the Cashio attack may be linked to several NFT-related scams, including the ill-fated Balloonsville, Doodle Dragonz, and Fine Folk projects. A trail of evidence suggests that the person behind the Cashio exploit was a 16-year-old boy using a pseudonym. Aryusuha on Twitter and Discord before deleting the accounts.

The information on the chain shows that the address of the hacker starts 6D7fIt was in the beginning Funded It starts from another address sWZs. A Solana NFT community member known as suavae already has. Connected. Address sWZs to multiple wallets directly linked to the exploitation of the aforementioned Solana NFT projects.

Aryusuha tried to become an NFT influencer in Solana's NFT community before performing several carpet pulls in the space. Reloaded YouTube videoShared by suavae and said to be originally published by Ariyusuha, it features them discussing popular Solana NFT projects and revealing their age. “My name is Ariyusuha. I'm 16 years old, okay,” they say in what sounds like a male voice. “There's no place where you can just look and get an unbiased opinion, a real opinion from a young person, because there are a lot of young investors in NFTs, but there's not like a big dog, you know, like a big dog. You know, a young investor, who's going to tell you. After all, I've got money to do this.” Not for money,” he added.

Looking for the NFT marketplace OpenSea It explains As the user opened an account with the same name “Aryusuha” in February 2022. The account is linked to a starting Ethereum wallet. 0x61 f And it uses a prototype similar to the NFTs presented in the Solana-based project. Solana monkey business.

A quick search using the Breadcrumb app's transaction mapping tool shows that Ariyusuha's 0x61f wallet has previously received funds from FTX, a centralized exchange that requires account documents to open an account.

Also, breadcrumb data shows that 0x61f received money from another wallet 0xcDd, previously funded through FTX and Binance. Since the address is linked to connections with several central exchanges, if “Ariusuha” is someone behind the events on Solana using Ethereum, it's probably only a matter of time before the person behind the Kashio attack is revealed.

Disclosure: At the time of writing, the author of this article owns ETH and several other cryptocurrencies.

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