After a Hack, Solana Stablecoin Project Cashio Falls Into Pieces
Cashio ($CASH), a Solana stablecoin protocol, suffered an exploit that caused its flagship stablecoin to collapse. The price of dollar-pegged stablecoin, $CASH, dropped from $1 to $0.00005 after hackers took advantage of an “infinite mint glitch.” DeFi Llama estimated that $28 million in value has been siphoned from Cashio’s protocol because of this exploit.
On Twitter, developer 0xGhostChain warned 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.”