{"id":9779,"date":"2021-09-13T12:15:18","date_gmt":"2021-09-13T11:15:18","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=9779"},"modified":"2021-09-13T13:20:43","modified_gmt":"2021-09-13T12:20:43","slug":"zabu-token-price-flatlines-after-the-attack-on-avalanche-blockchain","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/zabu-token-price-flatlines-after-the-attack-on-avalanche-blockchain\/","title":{"rendered":"Zabu token price flatlines after the attack on Avalanche blockchain"},"content":{"rendered":"\n
Zabu Finance, a DeFi platform built on the Avalanche blockchain<\/a>, has apparently been hacked. Zabu confirmed that the attacker successfully pulled out 4.5 billion tokens in Zabu Farm Contract and stole around $600K. <\/h5>\n\n\n\n
\"Zabu<\/figure><\/div>\n\n\n\n

Zabu Finance\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> publicized the vulnerability by appealing to Avalanche and popular Avalanche-hosted decentralized exchanges like Pangolin and Trader Joe for assistance:<\/p>\n\n\n\n

\u201cZabu Team Wallet has not sold a single Zabu. We're under an exploit, possibly from Spore Pool. We're investigating the exploit. Need help Pangolin, Trader Joe, Avalanche.\u201d<\/p><\/blockquote>\n\n\n\n

Zabu discovered the assets were stolen from a pool of Spore tokens, which included 402.9 WETH, 23,157 WAVAX, 21,501 PNG, 106,848 AVE, 361,267 USDT, and 23,958.93 JOE, totalling $3.2 million at the time of the exploit, according to the blockchain explorer.<\/p>\n\n\n\n

The attacker \u201csuccessfully pulled out 4.5 billion Zabu tokens from Zabu Farm Contract<\/a>, dumped all to Pangolin LPs and Trader Joe LPs of Zabu, stole roughly $600K,\u201d according to Zabu.<\/p>\n\n\n\n

Investors were encouraged to withdraw their holdings as soon as the exploit was discovered by Zabu and Yield Yak, an Avalanche-hosted DeFi tool.<\/p>\n\n\n\n

Zabu plans to repay tokens to investors based on their balances before and after the attack as part of its remediation:<\/p>\n\n\n\n

\u201cThe process of Snapshot might take time as we need to calculate balances of Zabu Holders, Farm Stakers (for Zabu-related Pools) and AutoFarm Stakers<\/a> (for Zabu-related Pools). We might need help Markr, DeBank and Avalanche.\u201d<\/p><\/blockquote>\n\n\n\n

The remaining 93.12 million Zabu tokens, valued $360,000, were also burnt.<\/p>\n\n\n\n

Other DeFi hack<\/h2>\n\n\n\n

Another DeFi initiative, xToken, reported a cyberattack on August 30 that resulted in a loss of roughly $4.5 million. According to Cointelegraph, the hacker went through an intricate token swap process that included getting a flash loan for 25,000 ETH (approximately $81 million) from the dYdX decentralized exchange<\/a> to carry out the attack.<\/p>\n\n\n\n

Following this, xToken discontinued the xSNX product, citing “large surface area for vulnerabilities.”<\/p>\n","protected":false},"excerpt":{"rendered":"

Zabu Finance, a DeFi platform built on the Avalanche blockchain, has apparently been hacked. Zabu confirmed that the attacker successfully pulled out 4.5 billion tokens in Zabu Farm Contract and stole around $600K. Zabu Finance publicized the vulnerability by appealing to Avalanche and popular Avalanche-hosted decentralized exchanges like Pangolin and Trader Joe for assistance: \u201cZabu […]<\/p>\n","protected":false},"author":12,"featured_media":9790,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[81,130,21],"tags":[4374,4372,4373],"class_list":["post-9779","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-altcoin-news","category-blockchain-news","category-news","tag-avalanche-blockchain","tag-zabu-finance","tag-zabu-token"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/09\/Zabu-token-price-flatlines-after-the-attack-on-Avalanche-blockchain.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/9779","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=9779"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/9779\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/9790"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=9779"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=9779"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=9779"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}