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DeFi Protocol xToken Suffers $24.5M Exploit
The protocol said minting has been paused on all contracts while an investigation takes place.

Decentralized finance (DeFi) protocol xToken said it suffered an exploit Wednesday by an attacker who used flash loans to take $24.5 million.
xSNXa and xBNTa contracts have been exploited. Minting paused on all contracts as we investigate further.
— xToken (@xtokenmarket) May 12, 2021
Liquidity pools have been drained, however most SNX and BNT remain in xToken contracts.
We owe the community an explanation and will be providing another update shortly
- According to Mudit Gupta, blockchain team lead at Polymath, the attacker got away with more than $8 million in xToken's SNX tokens and more than $6 million in the protocol's BNT tokens.
xToken contracts from @xtokenmarket exploited, the hacker got away with $8m+ in SNX and $6m+ in BNT tokens. The hacker minted more xSNX and xBNT than they should have. I had a very brief look at the transaction and here's the VERY EARLY analysis 🧵👇: https://t.co/VyrudLjD1y
— Mudit Gupta (@Mudit__Gupta) May 12, 2021
Kevin Reynolds
Kevin Reynolds is editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
