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DeFi Protocol Stake Steak Suffers Exploit, Token Plummets 93%

DeFi Protocol Stake Steak Suffers Exploit, Token Plummets 93%

Fantom DeFi protocol Stake Steak has suffered an exploit allowing a hacker to mint broad amounts of the protocol’s STEAK token, causing the cost to wreck over 93%. 

Stake Steak Protocol Attacked

One more DeFi protocol has been hacked, this time on Fantom. 

Stake Steak, a DeFi protocol that goals to support the fUSD and USDC stablecoins pegged, has suffered an exploit, crashing the protocol’s STEAK reward token by 93%. 

Evidently a hacker has managed to mint a broad quantity of STEAK tokens while also devaluing liquidity provider tokens for the STEAK-FTM liquidity pool, and has drained funds from plenty of developer wallets. After minting the STEAK tokens, the hacker dumped them onto the market, crashing the cost in a matter of minutes. 

Source: CoinGecko

In step with the incident, the Stake Steak developers took to Twitter, warning customers no longer to test out and “get the dip” by buying STEAK tokens. In most up-to-date months, plenty of hacks and exploits occupy brought on protocol tokens to wreck in cost, handiest for them to suddenly toddle aid up after the exploit is mounted, as used to be the case with THORChain and Popsicle Finance. 

This time, label restoration is rarely any longer going. Onlookers on Twitter occupy pointed out that if the non-public keys of the orderly contracts occupy been compromised, the token is rarely any longer going to be ready to enhance unless a brand new contract is deployed. 

Construct no longer get Steak tokens guys. If the PKs are out in the wild then this token can’t be resurrected except a brand new one is deployed.

FYI. Shopping for the dip on this particular case is no longer always the switch. https://t.co/cmUBj14b40

— Fantom Community Indicators 🚨 (@FTMAlerts) October 4, 2021

For the time being, the trusty motive for the exploit is unknown. On the different hand, the Stake Steak staff has reassured customers that funds deposited into the protocol’s SCREAM-FTM and USDC-FUSD pools are safe. Furthermore, the staff has said that a beefy post-mortem of the incident will notice when they keep how the exploit occurred. 

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