Stake Steak, a decentralized finance (DeFi) protocol based on the Fantom blockchain network, has suffered an exploit vulnerability triggering the native token STEAK falling down by over 85%. As of press time, the token is trading at $0.61. According to reports, an unknown party issued over 140,000 STEAK tokens via the Steak Deployer contract.
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Later, the bad actor sold STEAK tokens for wrapped fantom (WFTM) and sent the fund through Anyswap Network, a protocol that bridges assets between Layer-1 and Layer-2 platforms, to Tornado Cash, a complex token mixer. Officially, the Stake Steak has not clarified on how exactly a hacker has gained access to a private key of the Steak Deployer contract.
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