The protocol had $6.4 million in total value locked before the exploit. That figure has now slumped to $1.7 million as investors rapidly withdrew their capital.
This is the latest in a series of crypto exploits, with ZkSync-based decentralized exchange Merlin suffering a $2 million rug pull on Wednesday.
0VIX confirmed the attack on Twitter, stating that it is "working with its security partners to look into the current situation."
"Only POS has been currently affected but zkEVM has been paused as a precaution and will likely be enabled shortly again," it added.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.