CarderPlanet
Professional
Hong Kong-based DeFi project Linear Finance announced the attack, which resulted in the loss of all liquidity in the стейUSD stablecoin on the PancakeSwap and Ascendex platforms.
The price of the coin collapsed to zero. The amount of damage is unknown.
"The attacker was able to create an unlimited amount ofAAAVE and subsequently exchange the liquid asset for ℓUSD via Linear Exchange, and then sell it on PancakeSwap and Ascendex," the statement said.
The Linear team has taken a number of actions to protect the protocol and user funds:
suspended all smart contracts that allow you to issue, exchange and burn tokens;
disabled the bridge for ℓUSD;
it has engaged third-party specialists to track hackers and bring them to justice;
it provided data on the wallets involved in the exploit to major exchanges and law enforcement agencies.
The developers promised to reveal the details of the incident later and asked not to trade ℓUSD for the duration of the investigation.
According to CoinGecko, over the past 24 hours, the stablecoin's trading volume has reached about $3 million. Approximately $2 million of this figure occurred in the period after the exploit.
"Restoring the protocol and repairing user damage will be our top priority until the issue is fully resolved," the team emphasized.
The price of the coin collapsed to zero. The amount of damage is unknown.
"The attacker was able to create an unlimited amount ofAAAVE and subsequently exchange the liquid asset for ℓUSD via Linear Exchange, and then sell it on PancakeSwap and Ascendex," the statement said.
The Linear team has taken a number of actions to protect the protocol and user funds:
suspended all smart contracts that allow you to issue, exchange and burn tokens;
disabled the bridge for ℓUSD;
it has engaged third-party specialists to track hackers and bring them to justice;
it provided data on the wallets involved in the exploit to major exchanges and law enforcement agencies.
The developers promised to reveal the details of the incident later and asked not to trade ℓUSD for the duration of the investigation.
According to CoinGecko, over the past 24 hours, the stablecoin's trading volume has reached about $3 million. Approximately $2 million of this figure occurred in the period after the exploit.
"Restoring the protocol and repairing user damage will be our top priority until the issue is fully resolved," the team emphasized.
