Hacker exploits defi protocol TheStandard.io for $264k
TheStandard.io suffers a $264,000 theft via a PAXG liquidity pool exploit on Arbitrum. Defi stablecoin protocol TheStandard.io has been hacked for $264,000, according to reports from blockchain security analysts CertiK. The hacker allegedly conducted a low liquidity exploit of PAXG on Arbitrum. #CertiKSkynetAlert This morning @thestandard_io were exploited for 8.5k USDC.e and 280k EUROs with a combined value of $264k at current prices. The attacker has since minted an Algebra position NFT with 222,819 EUROs.https://t.co/AS3HBh58qq — CertiK Alert (@CertiKAlert) November 7, 2023 A low liquidity exploit is a type of attack where a threat actor takes advantage of pools with low liquidity to manipulate asset prices for financial gain. In this case, the hacker exploited the PAXG liquidity pools to steal 8,500 USDC and 280,000 Euro. Following the attack, nearly €223,000 was used by the hacker to mint an Algebra position NFT. TheStandard.io released a statement affirming to cu...