{"id":359645,"date":"2023-09-22T11:45:22","date_gmt":"2023-09-22T10:45:22","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=359645"},"modified":"2023-09-22T11:20:34","modified_gmt":"2023-09-22T10:20:34","slug":"defi-platform-linear-finance-in-crisis-as-lusd-stablecoin-tanks-to-zero-after-exploit","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/defi-platform-linear-finance-in-crisis-as-lusd-stablecoin-tanks-to-zero-after-exploit\/","title":{"rendered":"DeFi Platform Linear Finance In Crisis As LUSD Stablecoin Tanks To Zero After Exploit"},"content":{"rendered":"<p>DeFi protocol Linear Finance suffered an exploit yesterday, draining liquidity from its LUSD <a href=\"https:\/\/cryptoslate.com\/glossary\/stablecoin\/\">stablecoin<\/a>.<\/p>\n<p>The Linear Finance team <a href=\"https:\/\/twitter.com\/LinearFinance\/status\/1704818417880936535\"><span class=\"s4\">confirmed<\/span><\/a> the exploit, saying all LUSD liquidity on decentralized exchanges Ascendix and <a href=\"https:\/\/cryptoslate.com\/coins\/pancakeswap\/\">PancakeSwap<\/a> was drained. The incident led to LUSD dropping to zero.<\/p>\n<p>The protocol tweeted that it investigated the incident and asked users not to buy or trade the LUSD stablecoin.<\/p>\n<h2>What happened?<\/h2>\n<p>The exploit saw the attacker mint an unlimited supply of LAAVE and then trade the asset for LUSD on Linear Exchange. The exploiter sold the LUSD on PancakeSwap and Ascendix, removing all the liquidity.<\/p>\n<p>Linear Finance <a href=\"https:\/\/medium.com\/linear-finance\/%E2%84%93usd-exploit-283f2d32a2f3\"><span class=\"s4\">claims<\/span><\/a> that it is now investigating the incident and said it has shared the wallets that took part in the exploit with major exchanges and authorities so they can track the stolen assets.<\/p>\n<p><span class=\"s5\">&#8220;Restoring the protocol and un-doing the damage for our users will be our highest priority until the issue is fully resolved,&#8221; It added.<\/span><\/p>\n<p><span class=\"s5\">Following the incident, Linear Finance has paused all protocol contracts and disabled the Linear budget contract. It asked for users' patience and support, promising to update regularly.<\/span><\/p>\n<h2><span class=\"s5\">Performance of LUSD<\/span><\/h2>\n<p><span class=\"s5\">LUSD stablecoin has fallen significantly in the last 24 hours. The token fell 100%, dropping to $0.0003760. LUSD was trading at $0.91 before the exploit. <\/span><span class=\"s5\">Although LUSD is a stablecoin, it has traded as high as $1.45 before now.<\/span><\/p>\n<p><span class=\"s5\">Meanwhile, Linear Finance's LUSD should not be confused with Liquity Stablecoin (LUSD), <\/span><span class=\"s4\">currently<\/span><span class=\"s5\"> trading at $0.99 per CoinMarketCap <a href=\"https:\/\/coinmarketcap.com\/currencies\/liquity-usd\/\">data<\/a>.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>DeFi protocol Linear Finance suffered an exploit yesterday, draining liquidity from its LUSD stablecoin. The Linear Finance team confirmed the exploit, saying all LUSD liquidity on decentralized exchanges Ascendix and PancakeSwap was drained. The incident led to LUSD dropping to zero. The protocol tweeted that it investigated the incident and asked users not to buy [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":359665,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46940,16041,32631],"tags":[78902,78903],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>DeFi Platform Linear Finance In Crisis As LUSD Stablecoin Tanks To Zero After Exploit<\/title>\n<meta name=\"description\" content=\"DeFi platform Linear Finance suffered an exploit yesterday, draining all the liquidity from its LUSD stablecoin.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/defi-platform-linear-finance-in-crisis-as-lusd-stablecoin-tanks-to-zero-after-exploit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DeFi Platform Linear Finance In Crisis As LUSD Stablecoin Tanks To Zero After Exploit\" \/>\n<meta property=\"og:description\" content=\"DeFi platform Linear Finance suffered an exploit yesterday, draining all the liquidity from its LUSD stablecoin.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/defi-platform-linear-finance-in-crisis-as-lusd-stablecoin-tanks-to-zero-after-exploit\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-22T10:45:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-22T10:20:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/09\/lusd.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/defi-platform-linear-finance-in-crisis-as-lusd-stablecoin-tanks-to-zero-after-exploit\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/defi-platform-linear-finance-in-crisis-as-lusd-stablecoin-tanks-to-zero-after-exploit\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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