A hacker exploited two software bugs to mint 46 billion unbacked syBTC tokens, with Symbiosis estimating preliminary losses of 9.97 BTC.
A hacker turned a 25‑cent Bitcoin holding into 46 billion counterfeit BTC tokens on a decentralized finance bridge.
Two software bugs allowed the attacker to create more than 2,000 times Bitcoin’s maximum supply in unbacked syBTC.
Symbiosis reports preliminary losses of 9.97 BTC from the incident.
Marcus reports on digital assets, from spot ETF flows to protocol-level developments in DeFi. He pays particular attention to how institutional adoption is reshaping crypto market structure.
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