Maya Protocol halted trading after an exploit drained an estimated $1.7M in BTC and other assets 🚨
The attacker manipulated internal accounting to create a false balance and extract liquidity.
Around 20 BTC and $300,000 in other assets were reportedly taken from the protocol 💰
The attacker extracted millions of CACAO tokens and exchanged them for real assets.
CACAO crashed from around $0.115 to $0.013, losing nearly 89% of its value 📉
The wider impact on Maya's liquidity pools was estimated at nearly $10.9M due to price declines, slippage and arbitrage ⚠️
The team is exploring a bug bounty deal and recovery options, while swaps remain halted 🛠️
Today's Pill - vulnerabilities in internal accounting can trigger major liquidity losses, therefore strong security and risk controls across DeFi protocols are extremely important 🔄
The attacker manipulated internal accounting to create a false balance and extract liquidity.
Around 20 BTC and $300,000 in other assets were reportedly taken from the protocol 💰
The attacker extracted millions of CACAO tokens and exchanged them for real assets.
CACAO crashed from around $0.115 to $0.013, losing nearly 89% of its value 📉
The wider impact on Maya's liquidity pools was estimated at nearly $10.9M due to price declines, slippage and arbitrage ⚠️
The team is exploring a bug bounty deal and recovery options, while swaps remain halted 🛠️
Today's Pill - vulnerabilities in internal accounting can trigger major liquidity losses, therefore strong security and risk controls across DeFi protocols are extremely important 🔄