thecoinrepublic.com
- Mirror protocol went through another attack as brought into the sight by a pseudonymous Mirroruser on the Terra Research Forum.
- Over $2 million has been taken till now, and if not fixed it may pose a risk to all of its pools for tokenized assets.
- Mirror Protocol suffered a $90 Million exploit on Terra Classic (the old Terra Blockchain) in October last year, which went unnoticed until recently.
Mirror Protocol, the Decentralized finance (DeFi) application on the Terra blockchain, has witnessed another exploit. And till now, over $2 million has been taken and if the bug isn’t fixed soon, a risk would be posed to all of its pools for tokenized assets.
Mirror Protocol is a decentralized application (DApp) that provides the creation of virtual synthetics which track the price of real-world assets, for instance, stocks.
Mirror’s key contracts were deployed on the old Terra blockchain now called Terra Classic, but its assets are available on Ethereum and Binance Smart Chain (BSC).
Furthermore, the Mirror protocol also has its own versions of other digital assets, like mBitcoin for bitcoin, that are supposed to have ties to the price of bitcoin. It is essentially these pools that have been drained till now.
The Mirror Protocol website highlights that the pools for Bitcoin (BTC), Ether (ETH), and Polkadot (DOT) have been drained. And the pool for the token representing Galaxy Digital stock has been drained.
A Twitter user by the name FatManTerra signified that this latest exploit has supposedly swept more than $2 million, and there is a potential for even more, because of a bug in the LUNC pricing oracle. FatMan is quite active in providing commentary on the Terra research forum for the past few weeks.
@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
This attack was initially highlighted by a pseudonymous Mirroruser, who posted on the Terra Research Forum late last month.
Mirror Protocol also suffered through a $90 Million exploit on Terra Classic (the old Terra Blockchain) in October last year, which went unnoticed until now; this was also brought into the limelight by FatMan.
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