Cashio Dollar — an algorithmic stalbecoin that is backed by USDT and USDC liquidity pool tokens became the latest coin to suffer a massive loss on the Solana blockchain.
Due to an “infinite mint” glitch the coin was exploited for $28 million and the value of the coin itself is all but lost. An infinite mint glitch can be described as an error in coding that allows a user to continuously mint as many tokens as they please without having to pay for the excess amount. Those tokens can then be sold on the market and thus the price of the coin can be affected. Cashino Dollar or CASH as it’s known by was launched by the developer 0xGhostChain this past November. The tokens were available on the Saber platform and anyone could mint the tokens by depositing liquidity using USDC and USDT.
According to various tracking protocols the exploit seems to have begun at 9:00 A.M UTC with the value that was locked at $28.87 million quickly dropping to only $569,000, during this drop the price of the coin dropped from $1 to nothing. The developers issued a warning 9:59 AM UTC
Please do not mint any CASH. There is an infinite mint glitch.— Cashio ($CASH) 💵 (@CashioApp) March 23, 2022
We are investigating the issue and we believe we have found the root cause. Please withdraw your funds from pools. We will publish a postmortem ASAP.
The tweet came a bit too late as the funds were gone and the value of the token was already lost.