Fantom DeFi protocol Stake Steak has suffered an exploit allowing a hacker to mint massive amounts of the protocol’s STEAK token, causing the price to crash over 93%.
Stake Steak Protocol Attacked
Another DeFi protocol has been hacked, this time on Fantom.
Stake Steak, a DeFi protocol that aims to keep the fUSD and USDC stablecoins pegged, has suffered an exploit, crashing the protocol’s STEAK reward token by 93%.
It appears that a hacker managed to mint a massive amount of STEAK tokens while also devaluing liquidity provider tokens for the STEAK-FTM liquidity pool, and has drained funds from several developer wallets. After minting the STEAK tokens, the hacker dumped them onto the market, crashing the price in a matter of minutes.
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