Decentralized Protocol Zoth falls Victim to $8.4 Million Hack
Zoth, a restaking protocol, faced a meaningful security breach. The attacker managed to steal over $8.4 million in assets.This incident has raised concerns within the crypto community.
According to Cyvers Alerts,the breach occurred when a contract was compromised. The attacker upgraded a proxy contract named “USD0PPSubVaultUpgradeable.” This upgrade was linked to a contract created by the suspected hacker. The stolen funds where quickly converted into DAI, a stablecoin.
Following the attack, Zoth’s website went into maintenance mode. The platform is taking precautionary measures to address the security concerns. Zoth issued a statement acknowledging the breach. They are collaborating with partners to resolve the issue and will provide a detailed report once the investigation is complete.
Founded in January 2023, Zoth raised $4 million in August 2024. The funding came from investors like Taisu Ventures and G20.The stolen funds were swiftly converted into DAI,a stablecoin. The protocol’s deployer wallet was compromised, leading to the suspicious transaction. The Zoth team is working with partners to mitigate the impact. A detailed report will be shared once the investigation is complete.
Founded by Pritam Dutta and Koushik Bhargav. The platform aims to launch a tokenized liquid note backed by secure assets.
As the community remains on alert, further updates are expected. The incident highlights the importance of robust security measures in the decentralized finance space.
