Saber Team Begins Verification for Refunds to Cashio Exploit

By Mark JurgensDeFi

The exploiter wants to send ETH to accounts that held under $100K in $CASH, Saber CASH-USDC LP, Saber CASH-USDT LP, PAI-CASH LP, and aeMIM-CASH LP.

The Second Largest Hack on Solana

After exploiting the $CASH stablecoin for $52 million, the hacker is apparently returning part of the funds to those affected the most.

The algorithmic stablecoin Cashio Dollar was hacked on March 23 when a malefactor found a flaw in the protocol that allowed them to mint as many tokens as possible without providing the $USDT$USDC collateral needed. The Cashio and Saber teams were doing––on April 3––the final verifications on refund claims before sending them to the exploiter. 

“Over the last 3 days, the community has helped each other gather their LP data & put together their claims. After removing duplicates, there are ~350 claims received. In the coming hours, these will be sent to the exploiter as he/she/they requested in the message sent on 28 March,” tweeted on April 3 The Saint Eclectic, a community leader working on expediting the refunds. 

Source

A message signed by the exploiter’s public wallet address says the intention was only to take money from those who don’t need it and asks victims to provide details about their funds, including an explanation of the source of the money and why they need it back. 

The Saint Eclectic also shared a thread with many stories from different victims, including the following:

“This affected community member’s father ran a flooring business & was close to retiring. He passed away from COVID complications in December. The family had sizeable funds in the CASH-USDC LP, hoping to make 10-15% returns as supplementary income for his family once he retired. His wife now has to support a large family & handle her medical bills on her own.”

Hundreds of community members who lost their livelihoods are waiting eagerly for the hacker to keep the promise.

What is Cashio App?

Cashio is a Solana-native decentralized application that allows users to print a USD pegged stablecoin, called $CASH, by depositing stable liquidity providing tokens of corresponding value as collateral. Later, the $CASH tokens can be burned to redeem the underlying LP tokens.

Find more about Cashio here:

Website | Twitter |

Source : web3wire.news

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