Circle ( @circle ) created a new 250M $USDC coin 4 hours ago
In the past month, #Circle has minted a total of 10.25B $USDC on Solana
Source:
https://t.co/6Rtgfii5YN… https://t.co/Qh20rBQZ8m
Circle ( @circle ) created a new 250M $USDC coin 4 hours ago
In the past month, #Circle has minted a total of 10.25B $USDC on Solana
Source:
https://t.co/6Rtgfii5YN… https://t.co/Qh20rBQZ8m
It’s really crazy how we really need to test and flag out basic stuff and not assume them
A lot of work is needed on the oracle side of things going forward. It’s a dark forest on its own.
Earlier today, ~392k USDC from @SiloFinance's managed soUSDC vault on Arbitrum was forcibly allocated into the wstUSR/USDC market, leaving bad debt.
wstUSR was trading at ~$0.12 onchain, but the Silo market's oracle priced it at 1 wstUSR = 1.1329 USDC. Anyone who bought wstUSR cheaply could use it as collateral worth ~10x its real value.
The exploiter called deposit() on the wstUSR market directly, donating the shares to soUSDC. The supply cap controlling how much soUSDC can actively allocate to this market was 0, but that cap only governs the vault's own outbound deposits. It does nothing to stop external parties from crediting positions to the vault. Once those shares landed in soUSDC's balance, totalAssets() counted them. It iterates every market in the withdrawal queue and reads the vault's actual share balance in each one, with no check on whether the position was voluntarily entered.
Combined with the oracle gap, each attack loop worked like this:
1. Flash-loan USDC.
2. Deposit the bulk of USDC to s
Circle(@circle) minted another 250M $USDC 4 hours ago.
Over the past month, #Circle has minted a total of 10.25B $USDC on Solana.
https://t.co/PkWy5cRr4w https://t.co/y5SXj38oFd
Circle(@circle) has minted 750M $USDC per day over the past 4 days, for a total of 3B $USDC.
https://t.co/6dITkpO0hm https://t.co/I00JPcW1OE
USD Coin is a stablecoin brought to customers by Circle and Coinbase. It is an open source, smart contract-based stablecoin. True financial interoperability requires a price stable means of value exchange. CENTRE’s technology for fiat-backed stablecoins brings stability to crypto. The initial implementation is USD Coin (USDC), an ERC-20 token creating possibilities in payments, lending, investing, trading and trade finance — and the ecosystem will grow as other fiat currency tokens are added.