Today in Crypto: Zebec Protocol Raises $28M to Launch ZBC Token; DeFi Lending’s Agave Token Plunges 20% After Company Announces Probe

Zebec Protocol, which is a platform on Solana blockchains letting users send and receive payments, plans to roll out its ZBC token after it got $28 million between public and private sales, a Coindesk report says.

The payroll product from Zebec, its main output, lets workers get paid by the second in USDC and other stablecoins.

The report notes that the ZBC tokens were released “instantly” and were able to be traded on numerous exchanges.

ZBC will serve as a governance token for the Zebec decentralized autonomous organization.

“A public sale is not a capital-generating event,” Zebec founder Sam Thapaliya told CoinDesk in an interview, explaining the equal pricing. “Public sales should not be a way for private investors to have these unrealized gains. Rather, it should be more of a community-generating event. Crypto is all about being able to give access to the public, the same access that private investors are able to get.”

In other news, AGVE, the token of money market and lending protocol Agave, fell more than 20% on Tuesday (March 15) after the company said it is looking into an attack.

There was also an attack on Hundred Finance, another multichain lending protocol on the Gnosis chain.

“Agave is currently investigating an exploit on the agave finance protocol. We will update you as soon as we know more,” the DAO said in a tweet Tuesday afternoon. “Contracts have been paused until we figure out how to resolve the situation.”

Hundred Finance said the Gnosis team was aware and there was an investigation, and all the Hundred markets were paused.

The attack in both cases, according to security researcher Mudit Gupta, was a “re-entrancy” attack, made possible because the bridged tokens were nonstandard and have a hook calling the token receiver on every transfer.