TheStandard.io suffers a $264,000 theft through a PAXG liquidity pool exploit on Arbitrum.
Defi stablecoin protocol TheStandard.io has been hacked for $264,000, in keeping with reviews from blockchain safety analysts CertiK. The hacker allegedly performed a low liquidity exploit of PAXG on Arbitrum.
A low liquidity exploit is a sort of assault the place a menace 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 steal 8,500 USDC and 280,000 Euro. Following the assault, practically €223,000 was utilized by the hacker to mint an Algebra place NFT.
TheStandard.io launched a press release affirming to clients that each one collateral within the sensible vaults was secure. The platform additionally paused all new EUROs minting till the exploit is patched. The platform has additionally requested the attacker to return ahead as a white hat and negotiate a deal.
Not too long ago, cybercriminals have been more and more concentrating on small defi and crypto initiatives for fast beneficial properties. In October alone, crypto scams and hacks have value customers over $32 million. TheStandard.io is actively investigating right now’s exploit and in addition suspended the creation of any new vaults on the platform.