Crypto Robin Hood stole $50 million

Crypto Robin Hood has stolen $50 million, which he claims he will donate to charity. The victims, on the other hand, simply want their money back.

The hacker or hackers, according to CashioApp, used a "unlimited mint" bug to manufacture counterfeit CASH, Cashio's stablecoin token. According to a report by blockchain intelligence firm TRM Labs, the hacker manufactured around 2 billion more tokens of the cryptocurrency, which he traded for other types of stablecoins and profited more than $50 million via CashioApp.

The hacker transferred funds from the Solana blockchain to the Ethereum blockchain and traded them for Ether via numerous additional stablecoin exchanges and the so-called "bridges," Jupiter and Wormhole. According to Rita Martin, a blockchain investigator at TRM Labs, the monies were in the attacker's crypto wallet as of 4 p.m. Friday.

Within hours of the heist, the scammer posted a message in an Ethereum transaction promising to return stolen funds to anyone with less than $100,000 in the affected liquidity pools, which allow people to exchange one type of cryptocurrency for an equal amount of another from a pool of collective funds. "All additional money will be donated to charity," the fraudster continued, a claim that could not be substantiated.