14 May 2025

Hacker who cracked Cashio returned the funds to “poor wallets”

The journalistic cliché that “the DeFi world was rocked by a hack” could be used again.

On this page

But, the truth is that the DeFi world is already getting used to such incidents: unfortunately, the relatively young decentralized finance industry is constantly under attack from the more mature cybercrime industry. So, on March 23, 2022, the CASHio team, a decentralized platform based on the Solana blockchain, announced that an unknown attacker managed to use a “hole” in the CASH token generation algorithm, provoking “endless emission”.

As a result, the hacker withdrew cryptocurrency assets with a market value of $52 million from the CASHio pool. This was the second-largest DeFi hack, after the infamous Wormhole exploit, which caused a $320 million loss.

CASH token

CASH coins are created by providing USDT and USDC stablecoins as bail on the Saber decentralized exchange. A bug at the code level was the ability to run infinity minting without a corresponding balancing reaction at the other end of the algorithm.

We can say that “2 + 2” in the system temporarily ceased to be equal to “4”, but the system continued to function as if this result did not affect anything.

The fraud exploited the bug to generate 2 billion “illegal” tokens and then quickly got rid of them, raising over $50 million in total.

Market reaction

The day before these events, the coin was worth $1, which is exactly what a cryptocurrency supported by stablecoins in a ratio of 1:1 should be worth.

However, the digital economy (unlike the protocol’s own algorithm) cannot be deceived, therefore, as soon as the ratio of CASH and bail changed dramatically, the value of the token instantly collapsed to almost zero, which automatically made all investors affected.

Also, users panicked to withdraw their funds, which reduced the number of blocked assets on the platform by more than 50 times.

The appearance of Robin Hood

In the note to the transaction, the hacker left a message, due to which he received the nickname “Robin Hood”. The essence of the message was the return of funds to “poor” users (wallets with a balance of less than 100,000 coins), and the refusal to reimburse “rich” wallets.

A beautiful gesture, but let’s be fair: the real Robin Hood gave to the poor what he took from the rich. And our “hero” simply returned the money to the poor.

Nuances

After a while, articles were “cleaned up” on Medium with some statements from Cashio made in the short term. In particular, attempts to view statements that the team will not refund users, as well as the proposed reward of $ 1 million for the hacker in case of a refund, result in a “404” error.

The removal of these posts shows the project’s emotional reaction to the events that have taken place, and a lot of stress when making the first decisions.

The content on The Coinomist is for informational purposes only and should not be interpreted as financial advice. While we strive to provide accurate and up-to-date information, we do not guarantee the accuracy, completeness, or reliability of any content. Neither we accept liability for any errors or omissions in the information provided or for any financial losses incurred as a result of relying on this information. Actions based on this content are at your own risk. Always do your own research and consult a professional. See our Terms, Privacy Policy, and Disclaimers for more details.

Articles by this author
U.S.SEC Delays Grayscale’s Solana and Litecoin ETFs, Opens Public Comment for BlackRock and Dogecoin Proposals

U.S.SEC Delays Grayscale’s Solana and Litecoin ETFs, Opens Public Comment for BlackRock and Dogecoin Proposals

The SEC delays its decision on Grayscale’s Solana and Litecoin ETFs while opening public comment periods for proposed changes to BlackRock’s Bitcoin ETF and 21Shares’ Dogecoin ETF filing.

Vlad Vovk
Cynthia Lummis and Bernie Moreno Urge US Treasury to Review Crypto Tax Policy

Cynthia Lummis and Bernie Moreno Urge US Treasury to Review Crypto Tax Policy

U.S. Senators Cynthia Lummis and Bernie Moreno urged the Treasury to relieve the tax burden on corporations investing in digital assets, thereby promoting innovation in the country.

Anahit Avetisyan
TRON Goes Wall Street: Canary Proposes Staked TRX ETF on Cboe

TRON Goes Wall Street: Canary Proposes Staked TRX ETF on Cboe

Cboe has filed for the first TRX ETF with integrated staking. Launched by ETF issuer Canary Capital, the fund aims to deliver regulated yield from TRON’s PoS asset.

Vlad Vovk
U.S. Seeks 2-Year Sentence for Hacker Behind SEC X Account Breach

U.S. Seeks 2-Year Sentence for Hacker Behind SEC X Account Breach

U.S. prosecutors are seeking a two-year sentence and financial penalties for the hacker who compromised the SEC’s X account. The fake post he published briefly sent Bitcoin’s price higher.

Anton Kryshtal
Monica Long: How Ripple’s Quiet Force Is Redrawing Crypto’s Map

Monica Long: How Ripple’s Quiet Force Is Redrawing Crypto’s Map

Ripple’s Monica Long isn’t chasing headlines—she’s quietly building crypto’s future. From payments to tokenization, here’s how she’s reshaping finance from the inside.

Elina Moskovchuk
Top Crypto Tweets Today: Zerebro Dev Reveals He Faked His Suicide

Top Crypto Tweets Today: Zerebro Dev Reveals He Faked His Suicide

The biggest mystery in today’s Twitter/X recap is Zerebro dev Jeffy Yu, who claimed to take his life on a Pump.fun stream – but later said he faked the video to stop harassment.

Anahit Avetisyan
Top Crypto Tweets Today: Samourai Case, Curve X Hack & More

Top Crypto Tweets Today: Samourai Case, Curve X Hack & More

DOJ prosecutors reportedly suppressed key evidence in the Samourai Wallet case. Crypto lawyer Zack Shapiro shared the defense team’s hearing request on X.

Anahit Avetisyan
The Rise and Fall of Web3 Darlings: A Guide to Crypto Longevity

The Rise and Fall of Web3 Darlings: A Guide to Crypto Longevity

Most Web3 projects don’t collapse—they just stop being talked about. What makes one protocol a star and another a ghost? And why, in crypto, silence might signal transformation rather than failure?

Vlad Vovk
Beyond Profits: Understanding the Spiritual Side of Trading

Beyond Profits: Understanding the Spiritual Side of Trading

Are spiritual habits the missing link in trading psychology? For many, mindfulness and reflection offer a buffer against stress, reduce snap decisions, and aid in staying grounded through market volatility.

Vlad Vovk
How Cryptocurrency and Its Owners Are Tracked

How Cryptocurrency and Its Owners Are Tracked

Think blockchain is private? Wallets have no names and transfers seem untraceable — but that’s misleading. Discover how experts uncover wallet owners and link identities to transactions.

Vlad Vovk
The State of Crypto Regulation in 2025: Where the World Stands

The State of Crypto Regulation in 2025: Where the World Stands

A wave of regulation is sweeping the crypto world in 2025. From Washington to Brussels to Singapore, governments are setting new ground rules. What’s at stake for crypto’s next chapter?

Daryna Nesterenko
Blockchain-Based Distribution Platforms: Taking Control of Your Film’s Future

Blockchain-Based Distribution Platforms: Taking Control of Your Film’s Future

Blockchain lets filmmakers skip middlemen, control distribution, and get paid fairly. Director Markus Müller-Hahnefeld shares how it works.

Sebastian Scheplitz
Kaia: What Happens When LINE and Kakao Merge into One Blockchain

Kaia: What Happens When LINE and Kakao Merge into One Blockchain

In just half a year, Kaia has quietly racked up 20 million transactions and drawn in over 400,000 active wallets. Built directly into Asia’s most ubiquitous messaging apps, its reach now extends to nearly 300 million users—a bold blueprint for Web3 adoption.

Vlad Vovk
Correction or Pause? Bitcoin Steadies Above $100K After Overheating

Correction or Pause? Bitcoin Steadies Above $100K After Overheating

BTC has pulled back from $105,000 but still holds above $100,000. Profit-taking, liquidations, and declining leverage weigh on prices, while record ETF inflows and Coinbase’s addition to the S&P 500 offer support.

Vlad Vovk
Volatility Rattles Crypto Markets Ahead of U.S. Inflation Report

Volatility Rattles Crypto Markets Ahead of U.S. Inflation Report

Retail investors have sustained steep losses since the recent local top, as institutions stay cautious and await upcoming U.S. inflation data to recalibrate risk strategies.

Anton Kryshtal
MORE
Earning by Habit: How Crypto Weaves into Everyday Actions

Earning by Habit: How Crypto Weaves into Everyday Actions

You can now earn crypto tokens for your most routine daily habits — shopping, working out, or grabbing breakfast at a café. But how does it actually work?

Yara Zornell
Valletta: How Blockchain Became a Growth Engine for the Island of the Hospitallers

Valletta: How Blockchain Became a Growth Engine for the Island of the Hospitallers

Malta attracts crypto companies from around the world — flexible regulation, low taxes, and a prestigious European jurisdiction have turned the small city of Valletta into a land of opportunity.

Iaroslava Kramarenko
MORE