Reports have just started coming in surrounding an exploit that has taken place on Zabu Finance. It is a decentralized finance application that has been based and is currently operating on the Avalanche blockchain.
The reports reveal that Zabu Finance reportedly experienced an exploit where the hackers managed to steal $3.2 million worth of tokens from the protocol. As the hackers managed to steal funds from the protocol, it also destroyed the market worth of the Zabu tokens on the blockchain.
The data shows that following the $3.2 million exploits on Zabu Finance, the price of Zabu tokens experienced a significant drop, bringing their value down to zero. This happened because the hackers managed to steal $3.2 million worth of Zabu tokens from the protocol.
The reports also reveal that the public came to know about the exploit when Zabu Finance reached out to the Avalanche Blockchain for support. Avalanche Blockchain was approached by the executives from Zabu Finance, requesting the blockchain to provide them with help in dealing with the situation.
In addition to the Avalanche Blockchain, the protocol also requested help from the decentralized exchanges operating on Avalanche Blockchain. The decentralized exchanges being referred to include Trader Joe and Pangolin.
In the announcement, the Zabu team communicated to the users that the Zabu Team Wallet had not sold any of the Zabu that had gone missing all of a sudden.
The teams at Zabu Finance revealed that the reason why the Zabu tokens were missing was because of an exploit that took place on their protocol. The teams at Zabu Finance shared the possibility of the exploit being initiated through the Spore Pool.
Further, into the announcement, the Zabu Finance team revealed that they were already investigating the matter and needed help from Avalanche, Trader Joe, and Pangolin.
Whatever the information Zabu Finance managed to gather in their early investigation, they have made it available for the uses/viewers. This is to make sure that anyone wanting to know about the matter has clarity and full transparency on the matter.
The Zabu Finance team has revealed that the hackers were able to exploit the Spore tokens’ pool, which allowed them to steal Zabu tokens. This information has been shared by one of the blockchain reporting firms known as blockchain explorer.
The firm has revealed that while carrying out the exploit, the attackers did not just steal Zabu tokens but also stole many more tokens from the protocol. The tokens that the attackers successfully stole from the protocol included JOE (JOE), Tether (USDT), Avaware (AVE), Pangelon (PNG), Wrapped-AVAX (WAVAX), and Wrapped-Ether (WETH).
The total value that the hackers managed to exploit in the process was $3.2 million.