Zoth has reported a hack resulting in the loss of $8.4 million, primarily in stablecoins, allegedly exploiting a vulnerability in the platform's contract.
Details of the Hack
The hacker's identity is currently unknown, but Zoth announced an active investigation into the incident. The hacker accessed the protocol's deployer wallet through a vulnerability, leading to a contract modification. Post-hack, assets were quickly converted to DAI and sent to another address.
Recent Zoth Launch and Its Significance
Despite the incident, Zoth recently launched the world's first restaking layer for RWA with its stable token ZeUSD, aimed at bridging TradFi and DeFi. The project strives for decentralized access to both fiat and digital assets.
Overcoming TradFi Limitations
Zoth aims to eliminate existing barriers in traditional finance via its decentralized ecosystem. The project offers a stable ZeUSD token, fully backed by high-quality assets, combining TradFi stability with DeFi innovations.
The hack imposed temporary difficulties for Zoth, but the team is actively working on resolving the issue. The project aims to continue its mission of financial technology integration through innovative solutions.
