Zabu token price flatlines after $3.2M attack on Avalanche blockchain
Zabu confirmed that the attacker successfully pulled out 4.5 billion tokens in Zabu Farm Contract and stole around $600K. Zabu Finance, a DeFi application on the Avalanche blockchain, has reportedly been exploited for crypto tokens worth $3.2 million. The removal of a large number of tokens eventually reduced the value of Zabu tokens to zero.Zabu Finance announced the exploit by asking for help from Avalanche and popular Avalanche-hosted decentralized exchanges such as Pangolin and Trader Joe:“Zabu Team Wallet has not sold a single Zabu. We're under an exploit, possibly from Spore Pool.....
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The smart contracts platform has made substantial progress within the DeFi space since its launch last year. The Avalanche Foundation has announced a significant $230M investment from a venture capital group spearheaded by Polychain and Three Arrows Capital for the purpose of supporting the growth of the DeFi ecosystem and their ever-expanding list of applications that utilize the blockchain.Since launching in September 2020, Avalanche has cultivated a burgeoning influence on the DeFi landscape, with its smart contracts platform now providing the infrastructure for over 270 industry....
Zabu Finance, a decentralized yield farming protocol on Avalanche, suffered the first big hack related to the chain. The protocol was the victim of an exploit that allowed an attacker to steal $3.2 million in tokens, according to reports. The core of the exploit happened due to a vulnerability in the design of the Spore token, which allowed the minting of 4.5 billion zabu that were successfully withdrawn from the platform, taking the value of the currency to 0.
Zabu Finance Suffers First Big Avalanche Hack
Zabu Finance, a yield farm decentralized protocol built on top of the Avax....
BitMart, a premier global digital asset trading platform, announces a new integration with the Avalanche network and will support its ecosystem. AVAX, the native token of the Avalanche platform, will be listed on BitMart on July 26, 2021. Avalanche is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality, and has […]
Smart contract-capable platform called Avalanche (AVAX) aims to improve blockchain technology particularly in terms of interoperability, scalability and usability. What is Avalanche Network (AVAX)?Launched in 2020 by Ava Labs, Avalanche is a blockchain platform that is smart contract-capable. Avalanche aims to deliver a scalable blockchain solution while maintaining decentralization and security, focusing on lower costs, fast transaction speeds, and eco-friendliness.Avalanche quickly became popular in the cryptocurrency space, with Avalanche TVL currently worth $8.41 billion and still....
USDC, the second leading stablecoin by market cap, has been launched on the Avalanche blockchain as a native token. Previously, users wanting to get USDC in Avalanche had to bridge it via Ethereum. Now, Circle, the issuer of usd coin (USDC), will allow users to mint the tokens directly on Avalanche’s C-Chain, saving on fees and eliminating the need for bridges to wrap this token.
Native USDC Support on Avalanche
Circle, the issuer of USDC, has announced the launch of its stablecoin on the Avalanche network. Circle expects this development to create new opportunities and....