Arbitrum Eco-Stablecoin Project SperaxUSD Exploited, Team to Recapitalize

Arbitrum eco-stablecoin project SperaxUSD has been exploited yesterday.

It is report that the exploiter was able to increase the token balance for their address to 9.7 billion tokens without providing matching collateral and was able to liquidate around $300,000 before he was stopped by joint actions of the Sperax team and Arbitrum ecosystem partners.

Sperax team has now identified the exploiter’s accounts on CEX, they are taking action against him. All $USD transactions and the smart contract were blocked on Feb 4, 03:11 AM UTC. The liquidated amount will be recapitalized by the Sperax team before relaunching the protocol.