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- Mirror protocol witnesses another attack as pointed out by a pseudonymous Mirroruser on the Terra Research Forum.
- The recent exploit has allegedly swept more than $2 million, with the potential for even more, because of a bug in the LUNC pricing oracle, highlighted FatMan.
- Mirror Protocol went through a $90 Million exploit on Terra Classic (the old Terra Blockchain) in October last year, which was not noticed until now.
Mirror Protocol, the Decentralized finance (DeFi) application that is developed on Terra is allegedly going through another attack. This was highlighted by a pseudonymous Mirroruser, who posted on the Terra Research Forum in late May.
This was further brought into the limelight by a Twitter user by the name FatManTerra. He signified that the recent exploit has allegedly swept more than $2 million, with the potential for even more, because of a bug in the LUNC pricing oracle. FatMan has been giving commentary on the Terra research forum for the past few weeks.
The buggy oracle is intimidating to drain all liquidity pools on the Mirror protocol by his account.
@stablekwon @mirror_protocol Please look into fixing the LUNC price oracle, because in a short while, all liquidity pools will be drained, Mirror will accrue irremediable bad debt, and the system will collapse in on itself. This is not the time to be negligent. (4/4)
— FatMan (@FatManTerra) May 30, 2022
Only last week, FatMan highlighted other attacks that earlier happened on the Mirror protocol.
Attack Was Hidden For Seven Long Months
Mirror Protocol is basically a decentralized application (DApp) that enables the creation of virtual synthetics which track the price of real-world assets, for instance, stocks.
Mirror’s key contracts were deployed on Terra Classic, but its assets are available on Ethereum and Binance Smart Chain (BSC).
Although attacks and exploits are not uncommon in the world of Decentralised Finance (DeFi), surprisingly one of them took seven months to get unveiled. Mirror Protocol went through a $90 Million exploit on Terra Classic (the old Terra Blockchain) in October last year, which was not noticed until now.
Meanwhile, Terra has rolled out a new blockchain recently and airdropped new LUNA tokens in effort to give life to the ecosystem which suffered a meltdown last month.
Hacks and Attacks are not new in the DeFi space as they constantly see one or the other from time to time, but it’s really up to the users to be aware and alert while dealing with the technology.
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