Solana’s Cashio Project Crashes To Zero After Recent Hack

Solana’s Cashio project crashes to zero after it got hacked in an “infinite mint glitch” as we are reading more in today’s latest blockchain news.

The price of Cashio’s dollar-pegged stablecoin CASH dropped from $1 to $0.00005 after an infinite mint glitch which enabled attackers to mint the tokens without providing enough collateral. The developer 0xGhosCahin announced on Twitter that people should not mint any CASH and added that the team is investigating the issue and they think they found the root cause, advising them to withdraw the funds from the pools.

Another day, another Solana fake account exploit. This time, @CashioApp lost around $50M (based on a quick skim). How did this happen? pic.twitter.com/t7ThWL4zr1

— samczsun (@samczsun) March 23, 2022

Solana’s Cashio project got looted out of $28 million in the exploit while Samczun who is a research partner at Web3 investment company Paradigm shred an even bleaker picture on Twitter, writing:

Another day, another Solana fake account exploits. This time, Cashio App lost around $50M (based on a quick skim). How did this happen?”

Cashio Dollar is a Solana-native stablecoin launched in November 2021 and anyone can mint the CASH token by depositing Saber USDT-USDC liqudity provider tokens. Saber is a decentralized exchange on Solana akin to Uniswap so whenever the users deposit tokens into the liquidity pools on Saber they will get LP tokens that represent a token of the deposit.

As recently reported, Solana increased by more than 15% over the past week but the Layer 1 network hasn’t overcome the resistance yet. Solana reached a crucial resistance level as it tries to catch up with the other layer 1 coins such as Avalanche which surged by more than 35% in the past week and other technical indicators also suggested that SOL can be preparing to break out. Solana seems to be on the brink of breaking out as the price action flashed plenty of bullish signals.

The layer 1 network’s SOL token saw its market value increase by 15% over the past week to hit the $93 resistance level and this hurdle is very important to Solana because it sits around the descending trendline of the wedge which was forming on the daily chart. Solana might soon return to double digits with the candlestick close above $93 can signal a breakout from the consolidation pattern and with these circumstances, the investors could re-enter the market and push Solana by 34% towards $120.