RWA tokenization platform Zoth fell victim to an exploit, resulting in a loss of over $8 million. An investigation is currently underway.
Incident Details
According to Web3 security firm Securr, the exploit occurred as Zoth's deployer wallet was compromised and the attacker upgraded the protocol's proxy contract with malicious code. The attacker withdrew $8.4 million worth of tokens and swapped them for the DAI stablecoin.
Zoth and Partners' Response
In an official statement on their X platform, the Zoth team announced that a vulnerability had occurred in their system, and they are actively investigating. They are also collaborating with partners to mitigate the impact and fully resolve the issue.
Next Steps and Implications
According to Etherscan data, the attacker's address has converted the stolen assets into 4,223.10 ETH, currently valued at $8.3 million. Zoth has shut down its web platform temporarily to address the vulnerability.
The exploit on Zoth is a significant reminder of the security vulnerabilities in the DeFi ecosystem. Further information is expected once the investigation is complete.
