⚠️Linear Finance's ℓUSD stablecoin has its liquidity drained
Last night, Linear Finance - a DeFi protocol from Hong Kong was visited by hackers, paralyzing stablecoin Linear USD (ℓUSD) on both PancakeSwap and Ascendex. The ℓUSD price suffered a heavy decline after that.
An attacker could have minted an unlimited supply of ℓAAVE, thereby trading this liquid asset for ℓUSD on the Linear exchange, before selling them on PancakeSwap and Ascendex.
After the hack, the protocol quickly improvised, suspending mint, burn, and trading contracts. At the same time, disable the Linear USD bridge contract, trace hackers and share information of wallets related to the incident with major exchanges and authorities.
The Linear USD (ℓUSD) stablecoin at one point dropped to as low as 0.9 USD right at the center of the hack. Linear Finance is also working to remedy the situation and compensate users for damages.
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#bitcoin #ethereum #binance #crypto2023
Last night, Linear Finance - a DeFi protocol from Hong Kong was visited by hackers, paralyzing stablecoin Linear USD (ℓUSD) on both PancakeSwap and Ascendex. The ℓUSD price suffered a heavy decline after that.
An attacker could have minted an unlimited supply of ℓAAVE, thereby trading this liquid asset for ℓUSD on the Linear exchange, before selling them on PancakeSwap and Ascendex.
After the hack, the protocol quickly improvised, suspending mint, burn, and trading contracts. At the same time, disable the Linear USD bridge contract, trace hackers and share information of wallets related to the incident with major exchanges and authorities.
The Linear USD (ℓUSD) stablecoin at one point dropped to as low as 0.9 USD right at the center of the hack. Linear Finance is also working to remedy the situation and compensate users for damages.
_____
#bitcoin #ethereum #binance #crypto2023