Cashio’s Dollar-Pegged Stablecoin CASH Nosedives From $1 To $0.00005

Cashio’s dollar-pegged stablecoin CASH has nosedived from $1 To $0.00005 after an “infinite mint glitch” allowed hackers to mint coins without paying a dime.

Cashio programmer oxGhostChain took to Twitter to warn people “not to mint any CASH,” adding that the team is "investigating the issue and we believe we have found the root cause. Please withdraw your funds from pools. We will publish a postmortem ASAP."

DeFiLlama is reporting that $28 million of Cashio's protocol value has been stolen due to this hack.

The Cashio Dollar was launched in November of 2021, it is a Solana native stablecoin. Usually one can mint CASH by depositing Saber USDT-USDC liquidity provider (LP) tokens.

Saber is a decentralized exchange, not unlike Uniswap. Users deposit tokens into liquidity pools on Saber, in turn acquiring LP tokens, representing their investment.

This isn't the first time a DeFi project has been exploited for millons with an “infinite mint glitch”.

In December of 2020, a group of DeFi developers implemented a similar method on the DeFi insurance project Cover and minted fake tokens to provide liquidity to Balancer.

The attackers then redeemed the staked tokens for Cover tokens, which they quickly sold across multiple exchanges for a variety of cryptocurrencies.

The total amount stolen amounted to $3 million, which was crazily enough sent back with an accompanying transaction note stating, “Next time, take care of your own shit."

This transaction note should be sent to all DeFi developers whether they have or haven't been hacked. It has come to a point of ridiculousness with the number of exploits within these protocols that have had to make headlines. These stories lead to a certain amount of skepticism that can not be combatted with reasonable points on the benefits of these protocols.