Cashio Dollar, a Solana-based stablecoin project, suffered a hacker attack though the so-called "infinite mint glitch" that made it possible for attackers to mint CASH with no collateral.
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The team behind the project took to Twitter to assure they are investigating the issue and have already "found the root cause." However, the developers called for token holder to withdraw their funds from pools. Shortly after the attack, the token's price crashed by 100% from $1 to $0.00005, according to data from CoinGecko. As of press time, a spokesperson for Cashio Dollar made no additional announcement on social media.
Cashio was issuing CASH tokens by depositing stable pair LP tokens of corresponding value as collateral. The project also provided the burn feature for stablecoin to redeem the underlying LP tokens. The developers considered CASH as a "decentralized store of value/medium of exchange." However, it is still unclear how exactly attackers managed to gain access to the infinite mint feature.
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