Mirror Protocol, one of Terra’s decentralized finance platforms, has been reportedly hit by a new wave of attacks. Community members are concerned about a suspected issue with the LUNC price oracles.
According to a post on the Terra Research Forum on May 28, 2022, by pseudonymous “Mirroruser,” the DeFi application Mirror Protocol, built on Terra, is supposedly vulnerable to another exploit.
On May 30, ‘@FatManTerra‘ tweeted about the purported attack, drawing the crypto community’s attention.
According to FatMan, who has been posting comments on the Terra research forum for the past few weeks, a defect in the LUNC pricing oracle has purportedly drained over $2 million, with the potential for more in the newest exploit. He claimed that the bug in the oracle program could cause all of Mirror’s liquidity pools to get depleted.
Last week, FatMan mentioned the previous attacks involving the Mirror Protocol.
The Mirror Protocol is a DeFi (decentralized finance) platform that allows users to produce and trade mAssets (i.e., “mirrored assets”) that “reflect” stock prices, including major stocks listed on US exchanges.
According to The Block, Mirror Protocol was hacked for $90 million in October 2021 on the old Terra blockchain, which went undiscovered until last week.
Terra’s new blockchain went live over the weekend, with an airdrop of new LUNA tokens to users as part of a larger strategy by the developers to revive the ecosystem.
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