Blockchain security firm PeckShield has estimated that the Zunami Protocol suffered a loss of over $2.1 million in a recent attack on its stablecoin pools.
The exploit was discovered by PeckShield on August 13th, with Zunami confirming the attack shortly after. The attack was attributed to a price manipulation issue. Ironblocks, another blockchain security firm, arrived at a similar estimate of the stolen funds.
Zunami has stated that the collateral in their pools is secure, and they are currently investigating the incident. It is believed that the attack was carried out through a flash loan price manipulation scheme, affecting the Zunami UZD and Zunami ETH pools. The protocol works as a decentralized revenue aggregator, enabling users to stake stablecoins for yield. The majority of Zunami’s stable pools are hosted on the Curve platform.