Real-world asset (RWA) re-staking protocol Zoth suffered an exploit leading to over $8.4 million in losses, leading the platform to put its site on maintenance mode.
On March 21, blockchain security firm Cyvers flagged a suspicious Zoth transaction. The security firm said that the protocol’s deployer wallet was compromised and that the attacker withdrew over $8.4 million in crypto assets.
The blockchain security firm said that within minutes, the stolen assets were converted into the DAI stablecoin and were transferred to a different address.
Cyvers added the protocol’s website had been maintained in response to the incident. In a security notice, the platform confirmed that it had a security breach. The protocol said it’s working to resolve the problem as soon as possible.
The Zoth team said it worked with its partners to “mitigate the impact” and fully resolve the situation. The platform promised to publish a detailed report