Zunami protocol has been exploited for over $2 million, sending its native stablecoin $UZD plunging by 99%! What happened? Check here -
As usual, the attack started with a flash loan provided by Zunami, after which the perpetrator added liquidity and carried out some trades at an inflated price before returning the funds borrowed and cashing out a cool $2 million in profits.
The exploit drained the protocols’ zStables pools on Curve Finance, manipulating the price of both Zunami Ether and Zunami USD . The price manipulation of the latter knocked the so-called stablecoin far off its peg.Shortly after PeckShield alerted Zunami Protocol of the issue, the latter confirmed the attack. Furthermore, the team instructed platform users to avoid purchasing either of the affected tokens,“It appears that zStables have encountered an attack.
The news was immediately lampooned by members of the crypto community, who pointed to the protocol’s claim of a “battle-tested” depeg prevention system.
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