BusinessPostCorner.com
No Result
View All Result
Saturday, May 10, 2025
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
BusinessPostCorner.com
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
No Result
View All Result
BusinessPostCorner.com
No Result
View All Result

RWA Restaking Protocol Zoth Suffers $8.4M Exploit, Attacker Converts Funds to DAI

March 21, 2025
in Crypto News
Reading Time: 5 mins read
A A
0
RWA Restaking Protocol Zoth Suffers .4M Exploit, Attacker Converts Funds to DAI
ShareShareShareShareShare

Real-world assets (RWA) restaking protocol Zoth has fallen victim to a security breach, resulting in the loss of approximately $8.4 million in crypto assets.

On March 21, the blockchain security firm Cyvers Alerts reported the incident, indicating a compromised deployer wallet as the root cause.

ALERTRWA Restaking Protocol Zoth Suffers .4M Exploit, Attacker Converts Funds to DAIOur system has detected a suspicious transaction involving @zothdotio. It appears that the protocol's deployer wallet has been compromised.

30 minutes ago, the proxy contract "USD0PPSubVaultUpgradeable" was upgraded to a contract created by a suspicious address.
The… pic.twitter.com/3OHmvJYpR5

— RWA Restaking Protocol Zoth Suffers .4M Exploit, Attacker Converts Funds to DAI Cyvers Alerts RWA Restaking Protocol Zoth Suffers .4M Exploit, Attacker Converts Funds to DAI (@CyversAlerts) March 21, 2025

Exploit Triggered by Contract Upgrade

According to Cyvers Alerts, the attack was preceded by an upgrade to a proxy contract named “USD0PPSubVaultUpgradeable,” linked to an address associated with the suspected attacker.

Shortly thereafter, the attacker drained $8.4 million in the protocol’s USD0++ stablecoin.

The stolen funds were rapidly converted into the DAI stablecoin and transferred to a separate address.

Following the hack, the attackers have moved the funds and swapped the assets into Ether (ETH), according to PeckShield.

#PeckShieldAlert @zothdotio hacker has swapped the stolen funds for 4,223 $ETH pic.twitter.com/OAlYk1TqJg

— PeckShieldAlert (@PeckShieldAlert) March 21, 2025

In response to the breach, Zoth’s website was taken offline and is currently under maintenance.

Zoth issued a statement on X acknowledging the security breach, stating, “Our system has experienced a security breach. We are working closely with our partners to mitigate the impact and fully resolve the issue. A detailed report with a clear view will be shared once the investigation is complete.”

Security Notice

Our system has experienced a security breach. We’re actively investigating the incident and taking all necessary steps to resolve it as swiftly as possible.

We are working closely with our partners to mitigate the impact and fully resolve the issue. A detailed…

— ZOTH (@zothdotio) March 21, 2025

The community remains vigilant as Zoth works to address the security breach. Further updates are expected as the investigation progresses.

Zoth’s Launch and Funding Details

Zoth, founded in January 2023 by Pritam Dutta and Koushik Bhargav, secured $4 million in funding in August 2024 to launch its tokenized liquid note, backed by US Treasury Bills and top-rated corporate bonds.

The funding round attracted support from notable investors including Borderless, Blockchain Founders Fund, Taisu Ventures, G20, Fat Cat Ventures, GemHead Capital, and angels from Coinbase and Hedera, as well as a grant from Ripple’s XRPL Foundation.

🔈 Announcing: We've extended our raise to $4M in a strategic funding round to bring institutional-grade yield avenues onchain 🌊

The funds will help us build a multichain #RWA ecosystem in preparation for Zoth's upcoming public offering.

Details ⬇https://t.co/keFTcmaRbJ pic.twitter.com/RGcY98iKLX

— ZOTH (@zothdotio) August 5, 2024

Zoth’s core product is ZeUSD, a stablecoin fully backed by Zoth Tokenized Liquid Notes (ZTLN), with its reserve anchored by RWAs issued on ZothFI.

Growing Crypto Security Concerns

The Zoth incident adds to a concerning trend of security breaches within the crypto space.

Notably, February 2025 has been marked as a particularly devastating month, with hackers reportedly extracting over $1.5 billion across just four high-value exploits.

This unprecedented level of theft was largely attributed to the Lazarus Group’s sophisticated attack on the Bybit exchange, where they employed social engineering tactics to deploy a malicious version of the Safe UI, siphoning off over $1.46 billion.

This single exploit dwarfed previous heists, exceeding the infamous Ronin Network hack by a significant margin.

Beyond the Bybit breach, other notable incidents in February 2025 showed the diverse vulnerabilities within decentralized finance (DeFi).

Ionic Money, a decentralised non-custodial money market protocol, suffered an $8.6 million loss due to a social engineering attack involving the manipulation of LBTC collateral.

zkLend, a lending platform on Starknet, fell victim to a $9.5 million exploit stemming from a rounding error in its smart contract.

Additionally, Hong Kong-based stablecoin digital bank Infini experienced a nearly $50 million leak orchestrated by a former rogue developer using a compromised private key with elevated privileges.

These incidents highlight the ongoing security challenges faced by DeFi protocols and show the importance of rigorous security audits and proactive measures to protect user funds.

The post RWA Restaking Protocol Zoth Suffers $8.4M Exploit, Attacker Converts Funds to DAI appeared first on Cryptonews.


Credit: Source link

ShareTweetSendPinShare
Previous Post

AI in advisory services: Forensic accounting

Next Post

Since Elon Musk joined Trump’s White House, more Tesla owners are trading in their cars than ever before

Next Post
Since Elon Musk joined Trump’s White House, more Tesla owners are trading in their cars than ever before

Since Elon Musk joined Trump’s White House, more Tesla owners are trading in their cars than ever before

AvidXchange to be bought by Corpay, TPG for .2 billion

AvidXchange to be bought by Corpay, TPG for $2.2 billion

May 7, 2025
Disney plans first Middle East theme park in Abu Dhabi

Disney plans first Middle East theme park in Abu Dhabi

May 7, 2025
Trump says he would extend TikTok deadline if no deal is reached by June 19: ‘I have a little warm spot in my heart for TikTok’

Trump says he would extend TikTok deadline if no deal is reached by June 19: ‘I have a little warm spot in my heart for TikTok’

May 5, 2025
Gen Z is actually the most enthusiastic generation about working in the office. They want to be there 3 days a week

Gen Z is actually the most enthusiastic generation about working in the office. They want to be there 3 days a week

May 3, 2025
SALT Republicans have to accept ‘unhappy’ deal, GOP chair warns

SALT Republicans have to accept ‘unhappy’ deal, GOP chair warns

May 7, 2025
How to learn social media marketing: 33 resources for beginners

How to learn social media marketing: 33 resources for beginners

May 7, 2025
BusinessPostCorner.com

BusinessPostCorner.com is an online news portal that aims to share the latest news about following topics: Accounting, Tax, Business, Finance, Crypto, Management, Human resources and Marketing. Feel free to get in touch with us!

Recent News

‘I freaked out and spent 0 online’

‘I freaked out and spent $400 online’

May 10, 2025
India and Pakistan: a conflict in the hands of two religious strongmen

India and Pakistan: a conflict in the hands of two religious strongmen

May 10, 2025

Our Newsletter!

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2023 businesspostcorner.com - All Rights Reserved!

No Result
View All Result
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources

© 2023 businesspostcorner.com - All Rights Reserved!