Cashio
HackedStablecoin · $CASH · ✝ 2022
A fake collateral account minted an infinite stablecoin.
Cashio was a Solana stablecoin protocol that minted its CASH token against collateral deposits. In March 2022 an attacker exploited missing collateral validation to mint billions of CASH from worthless inputs, draining about $48M before CASH depegged to zero.
- Peak
- ~$48M stolen
- Cause
- Hacked
- Year of death
- 2022
☠️ Cause of death
The protocol failed to fully validate the collateral account chain, letting the attacker supply fake collateral and mint unlimited CASH.
📓 Lessons left behind
- —Validate the entire account ownership chain on Solana.
- —Infinite-mint bugs turn collateral checks into existential code.
- —An algorithmic stablecoin is only as sound as its mint guard.
🌱 The idea that survived
Account validation
Drove stricter account-constraint checking patterns in Solana program development.
#stablecoin#solana#infinite-mint#protocol-logic