Summary:
On August 13th, DeFi project Zunami Protocol was attacked, resulting in a loss of $2.1 million. The exploit focused on Zunami’s Curve pools, adding to the list of protocols affected by the recent attack on Curve Finance. The attack was detected by PeckShield, who notified Zunami. The bad actor used price manipulation and donated to the protocol to carry out the attack. The exploit drained the zStables pools on Curve Finance, manipulating the price of zETH and UZD. Zunami confirmed the attack and warned users not to purchase the affected tokens as the exploit had not yet been fixed.
Key Points:
– Zunami Protocol, a DeFi project, was attacked, resulting in a loss of $2.1 million.
– The exploit focused on Zunami’s Curve pools, adding to the protocols affected by the attack on Curve Finance.
– PeckShield detected the attack and alerted Zunami.
– The attacker used price manipulation and donated to the protocol to carry out the attack.
– The exploit drained the zStables pools on Curve Finance, manipulating the price of zETH and UZD.
Hot Take:
The recent attack on Zunami Protocol highlights the vulnerabilities in DeFi projects. Despite claims of a “battle-tested” depeg prevention system, the protocol was still exploited. It raises concerns about the safety of collateral reserves and the ability to recoup user losses. This incident serves as a reminder for crypto users to exercise caution and thoroughly research projects before investing.
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