Security Incident at Zoth: $8.4 Million Withdrawn and Transformed into DAI
In Brief
Cyvers Alerts identified a concerning transaction amounting to $8.4 million related to Zoth, hinting that the deployer's wallet might have been breached.
Real-Time Security Monitoring System Cyvers Alerts Spotted a potentially harmful transaction involving the restaking layer for RWAFi Zoth , which implies that the wallet of the protocol's deployer could have been compromised.
According to the report, earlier today, the proxy contract named 'USD0PPSubVaultUpgradeable' was altered and upgraded to connect to a potentially dubious address. Soon after, an attacker siphoned off around $8.4 million in USD0++. Within moments, these misappropriated funds were converted to DAI and sent to another wallet.
Meanwhile, blockchain security experts have confirmed that Zoth was exploited, likely due to a leak of administrative privileges. This vulnerability enabled the intruder to manipulate the logic contract, swapping it with a malicious version that facilitated unauthorized transactions. SlowMist Following the event, the Zoth website was temporarily set to maintenance mode, possibly as a precaution against the recent breach. It's now fully operational once again.
In a formal announcement, Zoth addressed the security breach, assuring its users that an active investigation is underway to address the problem swiftly and decisively.
Moreover, Zoth has pledged to release a thorough report once the investigation reaches its conclusion, ensuring full transparency regarding the nature of the attack and outlining the measures undertaken to alleviate its effects.
Our system has encountered a security breach. We are currently investigating the issue and taking every necessary action to resolve it promptly.
What Is Zoth?
Recently, Zoth launched public access to ZeUSD, its homegrown stablecoin, enabling users to mint and carry out on-chain transactions.
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In line with the Trust Project guidelines Alisa, an enthusiastic journalist at Cryptocurrencylistings, focuses on cryptocurrency, zero-knowledge proofs, investments, and the vast landscape of Web3. With a sharp eye for spotting emerging trends and technologies, she provides in-depth coverage to keep readers informed and engaged in the dynamic world of digital finance.
