Zoth platform faced its second hack this month, prompting serious concerns about the security of its system. The breach resulted in losses of $8.4 million, putting pressure on the company.
Hack Drains $8.4 Million from Zoth
The Zoth platform suffered its second breach in a month, losing $8.4 million through a proxy contract exploit. The attack has drawn increased scrutiny to Zoth's security practices. The company reported the breach via its official Twitter account, confirming ongoing investigations. Notably, CEO Pritam Dutta and CTO Koushik Bhargav have yet to make personal statements.
ZOT Token Drops Over 21% After Exploit
The exploit has negatively impacted the markets, causing the ZOT token to plummet over 21.9%. Community sentiment has shifted, with users demanding comprehensive audits of Zoth's security measures. Financial repercussions are evident as Bitcoin remains stable, while Ethereum sees a slight rise of 1.09%.
Second Breach in March Raises Security Alarms
This incident marks the second breach for Zoth this month, after a previous $285,000 liquidity pool exploit. The recurrence of issues has bolstered demands for enhanced security measures. Hakan Unal from Cyvers suggests implementing multisig upgrades, timelocks, and real-time alerts to fortify against such attacks.
Continuing attacks on the Zoth platform necessitate strengthened security and transparency to restore user trust and ensure market stability.
