Don’t miss CoinDesk’s Consensus 2022, the must-attend crypto and blockchain festival experience of the year, June 9-12 in Austin, TX.
The DeFi application Mirror Protocol built on top of Terra is said to suffer from another exploit, according to the pseudonymous “Mirroruser” who posted on May 28, 2022 on the Terra Research Forum. He was boosted by “@FatManTerra” on Twitter this afternoon.
According to FatMan, who has been commenting on the Terra Research Forum for the past few weeks, due to a flaw in the LUNC price oracle, the latest exploit has allegedly wasted over $2 million with the potential for more.
According to him, the flawed oracle threatens to drain all liquidity pools on Mirror.
Last week, FatMan pointed out previous attacks surrounding the Mirror protocol.
The Mirror Protocol is a decentralized finance (DeFi) platform that allows users to create and trade “mirrored assets” or mAssets that “mirror” the price of stocks — including major stocks traded on US exchanges.
In October 2021, Mirror Protocol succumbed to a $90 million exploit on the legacy Terra blockchain that went unnoticed until last week, The Block reported on Monday.
Terra’s new blockchain was launched over the weekend, which included an airdrop of new LUNA tokens to users as part of a broader plan to revitalize the ecosystem, developers confirmed on Friday.
Read more: First Mover Asia: Bitcoin extends its losing streak, new LUNAs crash like old LUNAs, Stepn’s China dilemma
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.