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Zunami Protocol Sounds Alarm Over $2.1M Stablecoin Pool Breach

Zunami Protocol Sounds Alarm Over $2.1M Stablecoin Pool Breach

The DeFi hack tsunami affects yet another platform. 

Zunami Protocol, a known name in the decentralized finance world, has recently issued a clear warning to its users against purchasing its stablecoins, Zunami Ether (zETH) and Zunami USD (UZD), in the wake of a significant security breach.

On August 13th, through a post on platform X (formerly Twitter), Zunami Protocol unveiled an issue concerning its "zStables" pools, prominent features on Curve Finance.

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While the attack brought much speculation, the protocol quickly clarified that all collaterals were still safe. Following the announcement, the protocol is channeling its resources towards a deep dive into the event, hoping to establish the root cause and scope of the exploit.

In an attempt to quantify the impact, blockchain security expert PeckShield has put forth an estimate, pinning the damage at a staggering $2.1 million stolen from Zunami’s Curve Pool.

PeckShield's initial analysis suggested a loophole in price manipulation, leading to the breach. A chronological look at the day reveals that PeckShield was on its toes, promptly identifying the exploit on Curve at 10:47 UTC on August 13th, only 20 minutes before Zunami Protocol officially acknowledged the security breach.

Zunami Protocol functions as a decentralized revenue aggregator in the vast DeFi landscape, offering users the opportunity to lock in their stablecoins in hopes of lucrative yields. The bulk of these staking pools, now at the center of this controversy, are hosted on Curve. It is worth noting that two weeks ago, Curve Finance itself was hit by a cyberattack.

The incident at Zunami Protocol underscores the persistent security challenges shadowing the promising world of decentralized finance. As the crypto world keenly awaits the results of the ongoing investigation, it's pivotal for users to remain vigilant following the advisory issued by Zunami.

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.



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