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Avalanche Fails To Deliver Security, ZABU Price Tanks

Zabu_token-price-on-Avalanche-blockchain
  • Avalanche blockchain faces a cyber attack.
  • Zabu Token (ZABU) pays the price.
  • The attacker siphoned $3.2 million and stole $600,000.

The price of Zabu has fallen and fallen hard. Zabu Finance — the DeFi application on Avalanche saw a cyber attack. Thus, the price of ZABU now lies at $0.00004.

A total of $3.2 million was siphoned away from one of Zabu’s SPORE Pools. A tweet from Zabu requesting help came soon after the attack.

Zabu Finance then made a follow-up tweet explaining what happened exactly. They said that Zabu is being exploited and that users should withdraw their assets or risk having the attacker get to it.

In detail, Zabu says the attacker stole assets from a Spore token pool. This pool held a total of 402.9 WETH, 106,848 AVE, 23,157 WAVAX, 21,501 PNG, 361,267 USDT, and 23,958.93 JOE. Together this accounts for $3.2 million. Out of this, the attack got away with $600,000.

To highlight, the Avalanche blockchain aims to be the fastest smart contract platform in the industry. Over the past few months, Avalanche has hit many milestones. For instance, the Avalanche testnet, the new ATH for Avalanche (AVA) price, and many partnerships.

However, it seems clear now that Avalanche is still a new player. An attack such as this is truly unfortunate to see, especially at this phase. Before, Ethereum was the only smart contract blockchain available.

In lieu of Ethereum’s gas fees issues, many other smart contract blockchains began to emerge as a smoother alternative. To name a few, Cardano (ADA) and TRON are both gearing up to take on that mantle.

In fact, it hasn’t even been a day since the Alonzo mainnet hard fork went live. As for TRON, the foundation has been making headlines every few days with exciting news and developments. Let’s not forget, Ethereum itself is upping its game with Ethereum 2.0. No doubt, Avalanche needs to work hard to get back on its feet after this devastating event.

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An eager wordsmith who conveys her thoughts and fascinations through words and storytelling. Besides lurking on new and emerging technology forums, she’s always updated when it comes to blockchain.