1/ At $50m The @CashioApp exploit was the 2nd largest heist on @solana & 13th largest hack overall. Despite this its been radio silence for hours.
@Saber_HQ have been working on it but have not been contacted by the exploiter.
Can anyone help? What we know & some thoughts🧵👇
@Saber_HQ have been working on it but have not been contacted by the exploiter.
Can anyone help? What we know & some thoughts🧵👇
2/ After the exploiter minted 2billion CASH they drained the CASH deposits of USDT & USDC ($26m) & swapped their remaining CASH tokens for ($25m) through @Saber_HQ crashing CASH's price to 0.
They now had~$50m of USDC/USDT/UST, $21m of which was swapped to ETH & wormholed to ETH
They now had~$50m of USDC/USDT/UST, $21m of which was swapped to ETH & wormholed to ETH
3/ All this was detailed by @0xavarek in this detailed thread:
The attacker's SOL wallet was funded by @sideshiftai a non-KYC dex who could potentially help but have been mostly silent on twitter.
https://twitter.com/0xavarek/status/1506812697689550850?s=20&t=j_GtQg8etV3x5WvE4ahq-Q
The attacker's SOL wallet was funded by @sideshiftai a non-KYC dex who could potentially help but have been mostly silent on twitter.
4/ So what now?
The @CashioApp team's updates have been worryingly sporadic.
@Saber_HQ has been involved in the investigation too as they were in the process of investing in Cashio & heavily endorsed CASH on its platform.
They have been working with exchanges & law enforcement
The @CashioApp team's updates have been worryingly sporadic.
@Saber_HQ has been involved in the investigation too as they were in the process of investing in Cashio & heavily endorsed CASH on its platform.
They have been working with exchanges & law enforcement
5/ @Saber_HQ member Ian Macalinao personally audited the code & noted that the team did not audit Cashio as closely as they should have, having heavily endorsed them.
https://twitter.com/simplyianm/status/1506733591295836165?s=20&t=YQkK7VzhSbTdccu7Blgt7Q
6/ @Saber_HQ is one of @solana's main defi protocols and a key building block for stables & liquidity. Most community members would not have been liquidity providing CASH had it not been one of the key tokens of the Saber platform, endorsed and audited.
7/ A great deal of people have been affected. Funds taken were their savings, money hard-earned & in some cases a large proportion of their livelihoods.
There has been no contact with the attacker, but hopefully we can find a solution that minimizes harm & suits all parties.
There has been no contact with the attacker, but hopefully we can find a solution that minimizes harm & suits all parties.
8/ Investors definitely bear the risk & learned hard lessons. Decentralization means these risks can have irreversible outcomes.
Still, it hits different when it happens to you. I have spent time speaking to victims and the anguish, mental impact & anxiety is crushing.
Still, it hits different when it happens to you. I have spent time speaking to victims and the anguish, mental impact & anxiety is crushing.
9/ Personally, I have been heavily affected by this, having moved a very large amount of borrowed stables into CASH-USDC to farm a few days back. It is all now lost. A painful lesson in risk management.
I am not a good place, but I hope we get some resolution regardless.
I am not a good place, but I hope we get some resolution regardless.
10/ For now some of @Saber_HQ's investors @RaceCapital (@maccanatron) @multicoincap (@KyleSamani) have helped put Saber in contact with those who can help but remained distanced which may be fair given they appear removed from Cashio.
Hopefully we can find a suitable outcome with the exploiter. There haven't been many updates or a post-mortem released yet but perhaps this is normal given the situation is fluid.
Ultimately the investors & community will likely have to bear responsibility of the risks taken.
Ultimately the investors & community will likely have to bear responsibility of the risks taken.
But, failing any solution with the exploiter there is hope that @Saber_HQ & its backers would step in to help minimize the damage to investors / community & restore confidence in Solana's leading cross-chain stablecoin exchange.
It's just not a given.
It's just not a given.
@rajgokal @aeyakovenko @SOLBigBrain @rawrXBT @r0b0sapiens @monoliff @pit_the_panda @MateoNFT @DrRituximab @iamstephenyuan @alfonso_comino @socialcapital @chamath
@hcmonkey @kilosbtc @dvoretskyi @madmanix_NFT @Miles_NFT @knox_trades @0x1dad
@hcmonkey @kilosbtc @dvoretskyi @madmanix_NFT @Miles_NFT @knox_trades @0x1dad
@vladtoni @ApeddaddyRick @NFTjordy @0xOmniman @BeetleJuiceCB @0x1dad @Funksonait @ccclaytn @Mercury_Prime @PrimitiveMoney @earlyishadopter @banditopanchito @LtLollipop9 @RegenIncorp @sat_sa_ @rawrXBT @SolHannah77 @Nana_tradesSOL @digitalxmisfits @iamkadense
@TbohDegen @Michael45620417 @Infinito_nft @BeetleJuiceCB @DeusNero @harvey__nft @MilstGuga @Austin_Federa @MonterreyRice @LtLollipop9 @r0b0sapiens @RealCryptotem @blocmatesdotcom @boredgentlemen @MilstGuga @SollyTheIceApe @quincy_sol @consciousvalue @cited @e88_eth @TheOnlyNom
@fastdagod @chartfumonkey @IcedKnife @jemmmyjemm @rebeccagund @solnftradar @kylienft @notbunjil @tofushit888 @DegenSenpaii @inglishnft @ExiledApes
• • •
Missing some Tweet in this thread? You can try to
force a refresh
