ZachXBT slams Wasabi security after $5.5M hack, alleges funds wasted on influencers

On-chain analyst ZachXBT has criticized the security structure of memecoin leverage trading protocol Wasabi following a recent hack, questioning why a single Externally Owned Account (EOA) was granted significant authority without basic safeguards. He also alleged that project funds were spent on influencer marketing, including payments to key opinion leader (KOL) Kook. The incident was first disclosed by Web3 security firm CertiK. Wasabi has since stated on X that it is aware of the issue and is investigating, urging users not to interact with its contracts until further notice. The estimated losses from the hack amount to approximately $5.5 million.