Today in Crypto: ZBC Launch; AGVE Falls 20%
Zebec Protocol, which is a platform on Solana blockchains allowing users to send and receive payments, plans to roll out its ZBC token after securing $28 million between public and private sales, according to a report. Coindesk report.
Zebec’s payroll product, its main product, allows workers to be paid per second in USDC and other stablecoins.
The report notes that the ZBC tokens were released “instantly” and could be traded on numerous exchanges.
ZBC will serve as the governance token for Zebec’s decentralized autonomous organization.
“A public sale is not a capital-generating event,” Zebec founder Sam Thapaliya told CoinDesk in an interview, explaining the price tie. “Public sales should not be a way for private investors to have those unrealized gains. Rather, it should be a community-generating event. Crypto is about being able to give access to the public, the same access as private investors can get.
Separately, AGVE, the money market and lending protocol token Agave, fell more than 20% on Tuesday (March 15) after the company announced that it was considering an attack.
There was also an attack on Hundred Finance, another multi-chain lending protocol on the Gnosis chain.
“Agave is currently investigating an exploit on the Agave funding protocol. We’ll let you know as soon as we know more,” the DAO said in a tweet on Tuesday afternoon. “Contracts have been put on hold until we figure out how to resolve the situation.”
Hundred Finance said the Gnosis team was aware and that there had been an investigation, and that all Hundred markets had been suspended.
The attack in both cases, according to security researcher Mudit Gupta, was a “reentry” attack, made possible because the bridged tokens were non-standard and had a hook calling the token receiver on each transfer.