354
141 shares, 354 points

Phantom DeFi protocol Stake Steak allowed a hacker to print large quantities of the protocol’s STEAK token. Due to this exploit, the altcoin price dropped over 99%. Cryptocoin. com, we have compiled the details for you, let’s examine them together…

Altcoin project Stake Steak hacked! Price crashed 99 percent

Another DeFi protocol has been hacked, this time on Phantom. Stake Steak, a DeFi protocol aimed at keeping fUSD and USDC stablecoins stable, has suffered an exploit that crashed the protocol’s STEAK reward token by 99%. It seems that a hacker managed to print large volumes of STEAK tokens while devaluing the liquidity provider tokens for the STEAK-FTM liquidity pool, and withdrew funds from several developer wallets.

Source: CoinGecko

In response to the incident, the developers of Stake Steak took to Twitter to warn users not to try to “buy the bottoms” by purchasing STEAK tokens. In recent months, several attacks and exploits have caused the value of protocol tokens to collapse: For example; THORChain and Popsicle Finance can be shown. This time, price recovery is unlikely. Viewers on Twitter stated that if the private keys of smart contracts are compromised, the token cannot be recovered until a new contract is deployed.

At this time, the exact cause of the abuse is unknown…

Currently, the exact cause of the abuse is unknown. However, the Stake Steak team assured users that funds deposited in the protocol’s SCREAM-FTM and USDC-FUSD pools are safe. Additionally, the team stated that the details of the incident will be determined once they understand how the abuse occurred.


Like it? Share with your friends!

354
141 shares, 354 points

What's Your Reaction?

hate hate
858
hate
confused confused
368
confused
fail fail
1226
fail
fun fun
1104
fun
geeky geeky
981
geeky
love love
613
love
lol lol
736
lol
omg omg
368
omg
win win
1226
win
Michael Lewis

Emperor

0 Comments

Your email address will not be published. Required fields are marked *

Choose A Format
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Poll
Voting to make decisions or determine opinions
Story
Formatted Text with Embeds and Visuals
List
The Classic Internet Listicles
Countdown
The Classic Internet Countdowns
Open List
Submit your own item and vote up for the best submission
Ranked List
Upvote or downvote to decide the best list item
Meme
Upload your own images to make custom memes
Video
Youtube, Vimeo or Vine Embeds
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format