The decentralized financial protocol has recently been exploited for a hefty amount of crypto that is supposedly going to charity.
With malicious activity surrounding the cryptocurrency market, it is less than normal for hackers to return or donate stolen funds to noble causes. Whatever the case, a hacker will apparently give the loot from the hack to charity.
According to a user on Twitter, the DeFi platform Cashio suffered a massive exploit, taking $52.8 million worth of crypto from the protocol.
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Another day, another Solana fake account exploit. This time, @CashioApp lost about $50 million (based on a quick skim). How did this happen? pic.twitter.com/t7ThWL4zr1
— samczsun (@samczsun) March 23, 2022
In a nutshell, the hack fell through because Cashio had a flawed “root of trust” protocol that the hacker exploited by creating fake accounts on it. This enabled him to drain Cashio of more than $50 million into the platform’s native token CASH.
He later traded the tokens for USDC, USDT and UST stablecoins, bringing the price of $CASH to 0, and the token quickly went unlisted on major coin price tracking platforms such as CoinMarketCap.
However, after the hack was reviewed by Bybit, experts noticed an interesting message left in one of the transactions, namely:
“Accounts with less 100k have been returned. All other money will be donated to charities.”
Interestingly enough, according to Bybit’s report, the accounts that had balances with less than $100k worth of crypto were actually refunded by the hacker.
💸 A large-scale $BTC coin redistribution has occurred across the chain in the $38-$45k range.
🔓 Is the hacker behind Cashio’s $52.8 million exploit actually a modern-day Robin Hood?
👉🏻 Read more here: https://t.co/3G17lTxZQV pic.twitter.com/8r1JhgiJcP
— BYBIT 🦍 (@Bybit_Official) March 24, 2022
The hack left Bybit’s research team stunned and it’s rather uncertain whether the hacker will actually donate the remaining money to charity.
This has been one of the biggest exploits of a DeFi protocol this month. In February, the Wormhole Bridge, which connects several blockchains, including Solana and Ethereum, was exploited for 120K wETH, worth about $321 million.
by means of
Dom Z. – Crypto Analyst, BitDegree
