ℓUSD Exploit
On 21st Sept 2023 the Linear Finance protocol was subject to an attack that resulted in the draining of all ℓUSD liquidity on both PancakeSwap and Ascendex, resulting in the price of ℓUSD going to zero.
The attacker was able to mint an unlimited supply of ℓAAVE and subsequently traded the liquid asset to ℓUSD on the Linear Exchange, prior to selling it on PancakeSwap and Ascendex.
The Linear Team have taken the following actions to protect the protocol, our assets and our users:
- All protocol contracts that allow tokens to be minted, burnt or exchanged have been paused.
- The Linear bridge contract has been disabled for ℓUSD.
- The Linear Team have engaged an industry leading team to track the attacker(s) and bring them to justice.
- Wallets known to have taken part in the exploit have been shared with all major exchanges and authorities
Restoring the protocol and un-doing the damage for our users will be our highest priority until the issue is fully resolved.
We apologise sincerely to all of our users. At this stage we regretfully ask for your patience and support and we assure you that we will continue to update you on a regular basis.
Kind regards,
Linear Team
About Linear Finance
Linear Finance is a cross-chain compatible, decentralized delta-one asset protocol that allows users to get synthetic exposure to various assets, including cryptocurrency, commodities, and market indices. Users can utilize our cross-chain swap functionality to instantly swap assets across leading blockchain environments and DeFi protocols with unlimited liquidity and zero slippage.
Website | Exchange |Discord | Twitter | Announcements
