Here's how Solana's stablecoin project Cashio lost its value to a major hack
Cashio is a stablecoin project on the Solana blockchain that has been hacked for more than $50 million and it seems that investors might have lost a lot of their savings in the process. The CASH stablecoin, after the hack, lost all of its value and left investors wondering about the next steps.
Cashio hack explained
The Cashio hack drained around $52.8 million, ranking it among the biggest crypto hacks of all time. The hack was revealed as an infinite mint glitch that actually wasn't explained properly by the team as seen in the tweet below. But to understand what happened, we will take a deeper dive into the whole incident.Cashio is a stablecoin project that is backed by USDT-USDC LP tokens and launched by a developer called 0xGhostChain. So, in order to mint CASH tokens, a user will just have to provide liquidity via USDC or USDT. However, things went south when a hacker found a vulnerability. The vulnerability was described by an award-winning ethical blockchain hacker group called Halborn.
The Cashio hack was made possible by missing validation code. While the smart contract included numerous checks designed to validate collateral deposits, two essential ones were missing, enabling a $52 million hack and the destruction of the stablecoin’s peg to the USD.Halborn pointed out that Cashio was unaudited and as a result, the vulnerability in their protocol would've been detected if it had been properly audited by major platforms.
Saber steps in
Saber is a DEX whose founders had also backed the Cashio stablecoin application. As per the official postmortem released by Saber Labs, the members of the Saber community "have been voting on CASH pools, causing more capital to be locked into there than if the Saber team weren’t as involved." The postmortem report from Saber was released 4 days after the hack and the community members who lost their money could not seek redemption because they didn't have money to pay the users back.We do not have the money to pay back depositors. If you are the hacker and are reading this, we hope you will consider returning the funds rather than donating them to charity: accounts with over $100k are often users’ life savings on leverage, and many of us will seriously be affected financially after this incident. We are willing to give $1M of USDC as a bounty if the funds are returned.
Saber's VC speaks on the matter
ve-ian Macalinao, one of the founders of Saber Labs who actually backed Cashio commented on this event. He revealed that he had misjudged the security features of the platform and that he would only promote platforms that have been audited from now onwards.The co-founder also revealed that Saber will be auditing all the open-source projects that they have backed in the past. Moreover, he also revealed that Cashio will continue to be worked upon by the team and that "they will come back much stronger from this, and I have no doubt that they will again become a foundational piece of the Saber ecosystem."
Update
As per Twitter user, @wireless_anon, the Cashio hacker confirmed that they will accept refund submissions and as a result, he created an open-source website for victims of the hack to make generating and saving message signatures as easy as possible.Here is the website link that affected users can visit: https://refund.cashio.app/
The hackers also released a message regarding the refund process. As per their message, refund will only be provided to those who held CASH direrctly and saber cash/usdc LP and saber cash/ust LP.
The inntention was only to take money from those who do not need it, not from those who do. will be using the eth gains to return more funds to those affected, even some accounts more than 100k. will not return funds to accounts that already receive refund.
Continue reading by joining Cryptonary Pro
$997/year
Get everything you need to actively manage your portfolio and stay ahead. Ideal for investors seeking regular guidance and access to tools that help make informed decisions.
For your security, all orders are processed on a secured server.
As a Cryptonary Pro subscriber, you also get:
3X Value Guarantee - If cumulative documented upside does not reach 300% during your 12-month membership, you can request a full refund.
24/7 access to experts with 50+ years’ experience
All of our top token picks for 2025
On hand technical analysis on any token of your choice
Weekly livestreams & ask us anything with the team
Daily insights on Macro, Mechanics, and On-chain
Curated list of top upcoming airdrops (free money)
3X Value Guarantee
If cumulative documented upside does not reach 300% during your 12-month membership, you can request a full refund.
Our track record speaks for itself
With over 2.4M tokens and widespread misinformation in crypto, we cut through the noise and consistently find winning assets.
Our track record speaks for itself
With over 2.4M tokens and widespread misinformation in crypto, we cut
through the noise and consistently find winning assets.
Frequently Asked Questions
Can I trust Cryptonary's calls?
Yes. We've consistently identified winners across multiple cycles. Bitcoin under $1,000, Ethereum under $70, Solana under $10, WIF from $0.003 to $5, PopCat from $0.004 to $2, SPX blasting past $1.70, and our latest pick has already 200X'd since June 2025. Everything is timestamped and public record.
Do I need to be an experienced trader or investor to benefit?
No. When we founded Cryptonary in 2017 the market was new to everyone. We intentionally created content that was easy to understand and actionable. That foundational principle is the crux of Cryptonary. Taking complex ideas and opportunities and presenting them in a way a 10 year old could understand.
What makes Cryptonary different from free crypto content on YouTube or Twitter?
Signal vs noise. We filter out 99.9% of garbage projects, provide data backed analysis, and have a proven track record of finding winners. Not to mention since Cryptonary's inception in 2017 we have never taken investment, sponsorship or partnership. Compare this to pretty much everyone else, no track record, and a long list of partnerships that cloud judgements.
Why is there no trial or refund policy?
We share highly sensitive, time-critical research. Once it's out, it can't be "returned." That's why membership is annual only. Crypto success takes time and commitment. If someone is not willing to invest 12 months into their future, there is no place for them at Cryptonary.
Do I get direct access to the Cryptonary team?
Yes. You will have 24/7 to the team that bought you BTC at $1,000, ETH at $70, and SOL at $10. Through our community chats, live Q&As, and member only channels, you can ask questions and interact directly with the team. Our team has over 50 years of combined experience which you can tap into every single day.
How often is content updated?
Daily. We provide real-time updates, weekly reports, emergency alerts, and live Q&As when the markets move fast. In crypto, the market moves fast, in Cryptonary, we move faster.
How does the 3X Value Guarantee work?
We stand behind the value of our research. If the documented upside from our published research during your 12-month membership does not exceed three times (3X) the annual subscription cost, you can request a full refund. Historical context: In every completed market cycle since 2017, cumulative documented upside has exceeded 10X this threshold.
Recommended from Cryptonary
