#hinkal protocol

[rwatimes]

How Hinkal protocol’s smart contract flaw sparked $820K USDC exploit

The attack raises the possibility that the protocol did not correctly validate deposits or confirm the cryptographic proofs.

➤ The Hinkal stablecoin privacy protocol suffered an $820,000 exploit due to a smart contract vulnerability. ➤ An attacker exploited a flaw in the prooflessDeposit() function, allowing unauthorized withdrawal of USDC. ➤ This incident highlights the ongoing risks of smart contract vulnerabilities in DeFi, despite a decrease in total exploit losses compared to the previous year.

[rwatimes]

Polygon Introduces Confidential Stablecoin Transfers Using Zero-Knowledge Technology

Polygon debuts private stablecoin payments with zero-knowledge proofs and KYT screening, bridging the gap between blockchain transparency and institutional needs.

➤ Polygon has launched a new feature enabling confidential stablecoin transfers using zero-knowledge technology through a partnership with Hinkal. ➤ This innovation aims to bridge the gap between blockchain's transparency and institutional demands for privacy, while still allowing for regulatory compliance via KYT. ➤ The move is part of a broader trend towards privacy-enhancing solutions in the crypto space, with similar developments seen on other networks like Aptos and by traditional players like Western Union.