Earlier this week, Solana-based DeFi application Cashio was exploited by a hacker for over $52 million.
The hacker left a note in the input data of the Ethereum transactions saying, “Accounts with less than 100k have been returned. All other money will be donated to charity.”
A Bybit report shows that the hacker paid out the stolen USDC to wallet addresses that were worth less than $100,000.
The hacker managed to steal $52.8 million worth of the DeFi app’s tokens (CASH) after an “infinite mint glitch” enabled the person to mint tokens without providing collateral.
After the hacker got away with $50 million, Cahsio’s token Cash’s value crashed to almost zero.
Cashio cautioned users on minting the tokens and asked users to withdraw their funds from pools as well.
Earlier, the DeFi insurance project Cover Protocol was hacked in a similar infinite printing scheme in December 2020 for $4 million.