A hacker took advantage of an “infinite mint bug” and emptied cashio’s liquidity pools of about $28 million in assets.
Cashio, the Solana stablecoin system, has been hacked, resulting in the entire collapse of its flagship stablecoin, CASH.
Cashio, a Solana-based stablecoin technology, has been severely compromised. The cashio team disclosed the event early Wednesday on Twitter. “Kindly refrain from minting any CASH,” the team stated. “There is a never-ending glitch.” Additionally, it said that it was examining the matter and had identified the most probable underlying cause.
cashio is a DeFi application built on Solana that enables users to produce CASH stablecoins. All deposits on cashio are collateralized by interest-bearing liquidity provider tokens. For instance, someone may contribute liquidity in the form of USDT and USDC in order to manufacture CASH. In this case, the hacker discovered a flaw that enabled them to create a limitless amount of CASH without having the necessary support.
According to Solscan data, the attacker created two billion CASH stablecoins and then traded them on the decentralised market Saber for other paired assets (mainly other stablecoins). According to Defi Llama statistics, the hacker emptied the exchange of almost $28 million in liquidity. Saber issued an update declaring the suspension of its CASH liquidity pools in the aftermath of the event.
CASH’s value, which is intended to be tethered to the US dollar, has entirely plummeted as a consequence of the exploit.
While the specific scale of the assault is still unclear, the prominent crypto security researcher known on Twitter as samczsun estimated that the hack caused losses of around $50 million based on their “rapid scan” of the on-chain data.
Crypto Briefing has determined that the individual responsible for the cashio assault may be connected to other NFT-related rug pulls, including those of the doomed Balloonsville, Doodle Dragonz, and Fine Folk projects. The trail of evidence indicates that the cashio exploit was carried out by a 16-year-old man who used the Twitter and Discord handle Ariusuha before deleting his accounts.
According to on-chain data, the hacker’s address, which begins with 6D7f, was first paid from another address that begins with sWZs. Suavae, a member of the Solana NFT community, already linked the sWZs address to various wallets associated with the aforementioned Solana NFT projects’ exploits.
Ariusuha attempted to become an NFT influencer inside the Solana NFT group prior to conducting many rug pulls in the venue. They are shown discussing famous Solana NFT projects and exposing their ages in a re-uploaded YouTube video posted by suavae and reportedly initially released by Ariusuha. “I am Ariusuha. They add, “I’m sixteen years old, all right,” in what looks to be a male voice. “There is no place where you can go and get an impartial view, a genuine opinion from a young person, because there are a lot of young investors in NFTs, but there is no such thing as a big dog, a young investor who is like telling you guys.” By the way, I have money; I am not doing this for money,” they say.
A search of the NFT marketplace OpenSea indicates that a user with the identical name “Ariusuha” registered an account in February 2022. The account is linked to an Ethereum wallet with the address 0x61f and utilises an avatar that bears a strong similarity to the NFTs featured in the Solana Monkey Business project.
A short scan of Ariusuha’s 0x61f wallet using the Breadcrumbs app’s transaction mapping tool reveals that cash were previously acquired from FTX, a controlled exchange that demands identity papers to start an account.
Additionally, Breadcrumbs data indicates that 0x61f got money from another wallet with the prefix 0xcDd, which was previously financed through FTX and Binance. Given the address’s association with numerous centralised exchanges, it’s probable that if the “Ariusuha” using Ethereum is the same person responsible for the Solana occurrences, it’s just a matter of time until the cashio attacker is apprehended.
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