$KAVA lost about 35 million dollars of market cap to a theft that paid roughly 2.1 million.
Early on Nov 14 UTC an attacker inflated a near-dead stablecoin pool on Kava Lend about 243,000x and borrowed 55.2 million KAVA against it, per The Block and Bitquery.
1. Before the attack KAVA traded near 0.068, about 73.7 million in market cap.
2. The attacker sold about 48 million coins in 35 minutes for around 2.1 million.
3. KAVA now sits near 0.035, about 38 million.
That works out to roughly 17 dollars off holders per dollar the attacker banked. Bitcoin fell almost 8% over the same 24 hours. KAVA fell 48%.
Kava says no new coins were minted. Lenders on #Kava Lend are still owed 55.2 million coins, with no plan announced yet.
NFA. DYOR.
Early on Nov 14 UTC an attacker inflated a near-dead stablecoin pool on Kava Lend about 243,000x and borrowed 55.2 million KAVA against it, per The Block and Bitquery.
1. Before the attack KAVA traded near 0.068, about 73.7 million in market cap.
2. The attacker sold about 48 million coins in 35 minutes for around 2.1 million.
3. KAVA now sits near 0.035, about 38 million.
That works out to roughly 17 dollars off holders per dollar the attacker banked. Bitcoin fell almost 8% over the same 24 hours. KAVA fell 48%.
Kava says no new coins were minted. Lenders on #Kava Lend are still owed 55.2 million coins, with no plan announced yet.
NFA. DYOR.
