Restaking protocol Zoth exploited, attacker drains $8.4m

The decentralized protocol that Zoth was struck by a hacking thanks to a compromised contract, and the attacker left with more than $ 8 million, quickly transforming him into DAI.

Zoth, a rest The protocol supported by Borderless and Blockchain Founders Fund, would have suffered a security violation which led to the emptying of $ 8.4 million in assets. According to a alert According to the alerts of the blockchain security company, the protocol deployment portfolio has been compromised, triggering the suspicious transaction.

According to the alert, 30 minutes before the attack, a proxy contract called “USD0PPSUBVAULTUPGRADABLE” was upgraded, with the upgrade linked to an address created by an address associated with the alleged striker. According to initial estimates, the attacker withdrew $ 8.4 million in Stablecoin USD0 ++.

It seems that the stolen funds were quickly converted in a few minutes, all stolen assets were exchanged for the DAI (Dai) Stablecoin and transferred to another address. Following the violation, the Zoth website has been deleted and is currently in maintenance mode. Maintain seems to be a precautionary response to current security problems, although no official confirmation of the extent of the violation has been provided.

After the attack, Zoth published a statementSaying that the protocol system “experienced a security violation”.

“We work closely with our partners to mitigate the impact and fully solve the problem. A detailed report with a clear view will be shared once the investigation is completed. ”

Zoth

Currently, the community remains on alert while the platform is working to solve the problem. Other updates are expected as more information becomes available.

Founded in January 2023 by Pritam Dutta and Koushik Bhargav, Zoth raised $ 4 million in August 2024 to launch its liquid token note, supported by secure assets such as US Treasury bills and the highest rated companies. The financing tour saw the support of investors like Taisu Ventures, G20, Fat Cat Ventures and Gemhead Capital, as well as the best angels in Coinbase and Hedera, and a subsidy from the XRPL Foundation in Ripple.