"Cashio" a stablecoin on Solana had an infinite mint bug, someone hacked it, printed millions and dumped it to literally zero! RIP

How often do we get to see a stablecoin go to zero?

Well here is one!

Cashio is an algorithmic stablecoin that was just exploited due to an infinite mint bug and the value crashed

Team's statement

The team has asked people to withdraw funds after the exploit has drained all value from the project after the infinite mint exploit.

An infinite mint allows a hacker to mint literally an infinite amount of stablecoins, thus crashing its value. It's incredible a stablecoin has this kind of exploit lurking in its code. Whats the whole purpose of a stablecoin isnt it.. to ensure its supply is controlled and pegged to USD

View from another angle...

Anyone holding funds in the stablecoin just lost all of it. Hopefully no one here got burnt on this. Shows the risk of algorithmic stablecoin