TheStandard.io suffers a theft of $264,000 via a PAXG liquidity pool exploit on Arbitrum.
According to reports from blockchain security analyst CertiK, Defi stablecoin protocol TheStandard.io was hacked for $264,000. The hacker allegedly carried out a PAXG vulnerability liquidity exploit on Arbitrum.
A low-liquidity exploit is a type of attack in which a threat actor exploits pools of low liquidity to manipulate asset prices for financial gain. In this case, the hacker exploited the PAXG liquidity pools to steal 8,500 USDC and 280,000 Euros. After the attack, the hacker used almost 223,000 euros to mint an Algebra Position NFT.
TheStandard.io released a statement confirming to customers that all collateral in the Smart Vaults was safe. The platform has also suspended the minting of all new EUROs until the exploit is fixed. The platform also asked the attacker to act as a white hat and negotiate a deal.
To the exploiter: Please contact us. We are a small project trying to build something good for the world. We don’t have deep pockets. The best thing to do is put on your white hat and contact us via DM to negotiate a deal. Option two is constant monitoring. https://t.co/qiBkicg1hL
– TheStandard.io (@thestandard_io) November 7, 2023
Recently, cybercriminals have increasingly targeted small Defi and crypto projects to make quick profits. In October alone, crypto scams and hacks cost users over $32 million. TheStandard.io is actively investigating today’s exploit and has also suspended the creation of new vaults on the platform.
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