Linear Finance Announcement: The attack has caused LUSD liquidity to deplete and its price to drop to zero. Token minting, burning, or trading has been suspended

2023-09-22 09:03:18

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ChainCatcher news, the DeFi synthetic asset protocol Linear Finance announced that it was attacked on September 21, resulting in all LUSD liquidity on PancakeSwap and Ascendex being drained, and the price of LUSD dropping to zero. The attacker minted LAAVE without restrictions and traded it for LUSD on Linear Exchange, then sold it on PancakeSwap and Ascendex.

To protect the protocol, assets, and users, the Linear team has taken the following measures: suspending all protocol contracts that allow token minting, burning, or trading; disabling the Linear bridge contract for LUSD; hiring a leading industry team to track down the attacker and bring them to justice; sharing known wallets involved in this attack with all major trading platforms and authorities.

Previous news, Linear Finance stated that the Linear stablecoin LUSD is suspected to have encountered a vulnerability attack. During the team's investigation, please do not purchase LUSD and do not trade LUSD. Liquidation has been suspended, and user accounts will not face risks. Further updates will follow.

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Linear Finance LUSD hacker attack

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