Solana Stablecoin Project Cashio Plummets To Zero After Multi-Million Dollar Hack (decrypt.co) 32
The price of Cashio's dollar-pegged stablecoin CASH has fallen from $1 to $0.00005 after an "infinite mint glitch" enabled attackers to mint tokens without providing collateral. Decrypt reports: Cashio developer 0xGhostChain took to Twitter to warn 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." According to DeFiLlama, roughly $28 million of value has been drained from Cashio's protocol due to the exploit. Still, Samczsun, a research partner at Web3 investment firm Paradigm, shared a bleaker picture on Twitter today. The researcher wrote: "Another day, another Solana fake account exploit. This time, Cashio App lost around $50M (based on a quick skim). How did this happen?" The project has not responded to Decrypt to confirm the scale of the attack.
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I never had an account on Prodigy. I preferred CompuServe.
The Source - yes
CompuServe - yes
Delphi - no
GEnie - yes
Prodigy - no
Quantum Link - no
AOL - several "free" trials
mmmm... stable (Score:2)
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It's been remarkably stable at ~1USD for its whole existence.
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Even so, doesn't it kind of violate the whole "StableCoin" concept if it can suddenly go from being worth something to worth nothing overnight?
I mean, honest, bitcoin at least hasn't crashed to nothingness (yet).
Short Solana (Score:2)
I guess we should short Solana, right? Because the average investor doesn't get that this was a coin on Solana and not Solana itself? (Bots might not even understand that, lol.)
That's some volatility right there (Score:1)
And no Real Life names were used. (Score:4, Interesting)
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I thought it was a beach in San Diego.
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The lie they tell is that code is the law, so it doesn't matter who wrote it. You can check the code yourself and see exactly what the rules are.
Of course in reality what happens is people check the code, notice a flaw and then exploit it mercilessly until the coin is worthless.
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Exactly. Also, reading code is generally not that easy and subtleties of semantics and execution can make it extremely hard.
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Why in the world would you put money into anything designed by people that only go by username handles?
Same old story: Greed, stupidity, the fear of "missing out" and a deep conviction to be a lot smarter than others. You know, all the usual ingredients of a good Ponzi-inspired scam.
Good. (Score:3)
One energy wasting cryptocurrency down, zillions to go.
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Solana doesn't use proof of work so the energy use is orders of magnitude less than that of Bitcoin.
Doesn't mean I approve of Solana, but energy use is not the thing to be knocking it for.
Another one bites the dust. (Score:2)
Aaan another one bites the dust.
And another one gone, and another one gone.
Another one bites the dust, yeah!
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Was my first thought too. Still plenty of morons left to be ripped off.
CRYPTO IS NOT A SCAM! (Score:3)
And the Easter Bunny is real.
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All myths have a basis in fact, however deeply hidden that may be.
How'd they screw that up? (Score:2)
Guess they didn't get the right auditor for their smart contract?
And Bitcoin jumps (Score:2)
"Stable" hahahaha "stable" hahahaha.... (Score:2)
More like a "vanish-coin". In the end, calling something a "stable" coin is just another lie to make the scam go better.