White hat attacks on cryptocurrencies are still going on, chaining through vulnerabilities to gain access to clients’ wallets.
Minutes ago, the Zabu token price lines were hacked, after some hackers attacked and stole nearly $3.2 million on the Avalanche blockchain.
“The attacker managed to withdraw 4.5 billion tokens in the Szabo contract and stole about $600,000,” Zappo said. According to the news, Zabu Finance, a DeFi application on the Avalanche blockchain, was exploited to obtain $3.2 million worth of crypto tokens.
Removing a large number of tokens eventually reduced the value of Zabu’s token to zero, according to the company’s statement.
Zabu Finance announced the exploit by seeking help from Avalanche and popular decentralized exchanges hosted by Avalanche such as Pangolin and Trader Joe’s.
“Zabu Team Wallet has not sold a single Zabu device, we are under abuse, we are investigating the abuse, we need help from Avalanche like Pangolin and Trader Joe,” Zabu Finance said in a statement.
Upon further investigation, Zabu found that the attacker stole assets from a pool of Spore tokens which, according to the blockchain explorer, included 402.9 WETH, 23157 WAVAX, 21501 PNG, 106.848 AVE, 361.267 USDT and 23958.93 JOE, with a combined value of about 3.2 $1 million at the time of the hack.
Zabu asserted that the attacker was able to interact with blockchain contracts and “succeeded in withdrawing 4.5 billion Zabu tokens from the Zabu Farm Contract, and dumped them all on Zabu’s Pangolin LPs and Trader Joe’s LPs, costing Zabu about $600,000.”
Soon after the hack, investors warned Zabu and the hosted DeFi tool against the hack, withdrawing their holdings or risking losing their assets to the hackers.
As part of the fix, Zabu intends to return the tokens to investors based on their balances before and after the hack.
“We may need the help of Markr, DeBank and Avalanche,” the company added.
