SperaxUSD on Arbitrum was exploited, hacker managed to liquidate around ~300k before it was stopped. Then, on Feb 6th, he returned the fund. Exploit will be patched tomorrow and ops will resume.

https://sperax.io/ Official website of the project

SperaxUSD is a stablecoin collateralized by other stablecoins, that gives ~11% APY just by holding in the wallet (even col wallet). Project is directly linked with "Sperax", the main token of the platform. For further info details can be found on the official website.

As stated in their official twitter account, on February 4th the SperaxUSD protocol on Arbitrum chain was exploited. The Sperax team claimed that an exploiter was able to increase the token balance for their address to 9.7bln tokens without providing matching collateral and was able to liquidate around ~300k USDs before he was stopped by joint actions of the Sperax team and Arbitrum ecosystem partners.

Sperax team has identified the exploiter’s accounts on CEXs, and all USDs transactions and the smart contract were blocked on Feb 4, 03:11 AM UTC. Team stated on that moment that liquidated amount will be recapitalized by the Sperax team before relaunching the protocol.

It is important to note that SperaxUSD’s governance token SPA was not affected by the exploit. USDs was able to maintain its peg that fluctuated in a slightly broader range than usual - between 0.97 and 1.02 USDs/USD (as can be seen from CMC or others crypto monitoring website). Sperax lost around 10% during this situation but has already recovered.

The team then reached out to the exploiter to discuss options. The issue was figured out and will be resolved with a smart contract upgrade. Recapitalization will be implemented early next week, then transactions will restart.

Team stated that on Februray 6th the hacker returned the funds, and tomorrow a patch will be implemented to fix this exploit.

Exploit details can be found here.

For once, a happy ending story about an hack/exploit in crypto?