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Avalanche-Based Zabu Finance Sees $3.2M Hack

The attacker used Zabu’s “Transfer Tax” mechanism to mint tokens, sending their value to zero.

Sep 13, 2021 at 12:32 p.m. UTC
Updated Sep 13, 2021 at 1:37 p.m. UTC

Zabu Finance, an Avalanche-based decentralized finance (DeFi) protocol, has been exploited for $3.2 million.

  • The protocol tweeted Saturday that its Spore Pool was possibly under an exploit and confirmed the attack on Sunday.
  • The attacker used Zabu’s “Transfer Tax” mechanism to mint tokens, causing their value to slide to zero from about $0.0047.
  • Having removed 4.5 billion ZABU tokens, the attacker then dumped them on the Trader Joe’s and Avalanche Pangolin exchanges on the Avalanche network.
  • Zabu plans to take a snapshot of the situation immediately before the exploit to protect both users who invested before the hack and those who bought in afterwards.
  • The exploit totaling an estimated $3.2 million is probably the “first big exploit” on the Avalanche blockchain, according to DeFi analytics provider DeFiprime.


DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Jamie Crawley is a CoinDesk news reporter based in London.

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