Stablecoin $TSD Comes Under Attack With 11.8B Coins Minted And Sold By Hacker

True Seigniorage Dollar (TSD), a cross-chain stablecoin on the Ethereum and Binance Smart Chain, took to Twitter to unveil that a malicious attacker has just utilized $TSD DAO to mint 11.8 billion tokens to his own account and sold all to Pancakeswap.

True Seigniorage Dollar stated that the dev account has only 9% of the DAO, while the hacker gradually bought $TSD at a low price to accumulate until he has more than 33% of the DAO. Then he proposed an Implementation and voted for it. Because he possessed enough stack to finish the voting process, the Implementation went through successfully.

In the Implementation, the attacker added code to mint for himself 11.8 billion $TSD. Then he sold all of the tokens to Pancakeswap, according to the tweet.

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