Zunami Protocol lost $2.1 million to cyber attack

Zunami Protocol has suffered an attack on its zStables pools, leading to a $2.1 million loss. The company assures that the collateral is secure.

The blockchain security firm, PeckShield, detected the attack on August 13. It stated that the company lost nearly $2.1 million.

Hi @ZunamiProtocol Today's hack leads to >$2.1m loss and there are two hack txs involved:
– tx1: https://t.co/jsOmPT62mk
– tx2: https://t.co/u7YOvoS0R9

It is a price manipulation issue, which can be exploited by donation to incorrectly calculate the price as shown in the… https://t.co/yqwMVy0pCA pic.twitter.com/OfrDni7KtE

— PeckShield Inc. (@peckshield) August 14, 2023

Zunami confirmed the attack 20 minutes later. The attack affected Zunamis stablecoins, USD stablecoins, and Zunami Ether.

It appears that zStables have encountered an attack. The collateral remain secure, we delve into the ongoing investigation.

— Zunami Protocol (@ZunamiProtocol) August 13, 2023

Defi protocol Zunami is a yield farming aggregator for stablecoin staking. The company holds a DAO that promises the highest APY return in the market for staking. Zunami has a total TVL of 5 million, according to its official website.

During the last six years, the hacking and cyberattacks within the crypto industry have grown exponentially. 

Statista reveals the attacks went from nine instances in 2017 to 190 in 2022.

Different companies that are working in the cybersecurity industry, like Blackberry, identified some of the most common malware currently affecting the crypto industry, such as SmokeLoader, RaccoonStealer, and Vidar.