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$90 Million Hack of Terra’s Mirror Protocol Went Unnoticed for Seven Months

The frequency of DeFi hacks has made them almost commonplace in the cryptoverse. However, what is certainly unusual is DeFi protocol exploits worth $90 million going...
$90 Million Hack of Terra’s Mirror Protocol Went Unnoticed for Seven Months $90 Million Hack of Terra’s Mirror Protocol Went Unnoticed for Seven Months

The frequency of DeFi hacks has made them almost commonplace in the cryptoverse. However, what is certainly unusual is DeFi protocol exploits worth $90 million going unnoticed for seven months – and yet, that is the story of Mirror Protocol.

$90 Million Hack Goes Unnoticed for Seven Months

Mirror Protocol is a decentralized application on the Terra chain that allows for the creation of digital synthetics which track the price of real-world assets.

On May 17th, community members discovered a bug in the Mirror Protocol’s code that allowed a hacker to gradually siphon as much as $90 million, starting from October 8th, 2021.

According to a user under the alias of “FatMan“, the bug allowed the hacker to unlock other users’ collateral on Mirror Protocol, and withdraw it for themselves.

The bug in Mirror’s code has been exploited “hundreds of times” since 2021, allowing the hacker to suck $89,706,164.03 out from the protocol.

On-chain data indeed confirms that the hacker unlocked UST funds in the Mirror protocol multiple within the same transaction, paying only about $17.54 to do so.

Mirror Protocol Suffers Another Hack

Just days after the discovery, the DeFi protocol suffered a further attack on May 30th.

According to reports, the latest hack was caused by an error in the configuration of its price oracles, leading to the attacker taking advantage of a mismatched price between the old LUNC token, and the new LUNA token.

The attack was made possible due to the fact that the Terra nodes were running on outdated oracle software. According to the Chainlink community member who spotted the attack, the hacker drained upwards of $2 million from the protocol.

On the Flipside

  • The bug was quietly fixed by Mirror Protocol developers on May 9th, without any official communication to the community that the code had been exploited.

Why You Should Care

While this is certainly not the first DeFi exploit in history, it is by far the longest it has taken for one to be reported. The pressure continues to pile on for Terra.

To get a grasp of how DeFi works, read:

Introduction to Decentralized Finance (DeFi): A Comprehensive Guide

To find out how Terra is performing, check out:

Terra (LUNA) Tanks 70% Just Hours After the Terra 2.0 Mainnet Goes Live

Continue reading on DailyCoin

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01-05-2024 10:45:17 (UTC+7)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

GBP/USD

1.2475

-0.0015 (-0.12%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

USD/JPY

157.91

+0.12 (+0.07%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

AUD/USD

0.6469

-0.0003 (-0.05%)

Summary

Neutral

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (2)

Sell (3)

USD/CAD

1.3780

+0.0003 (+0.03%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

EUR/JPY

168.32

+0.10 (+0.06%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

EUR/CHF

0.9808

+0.0001 (+0.01%)

Summary

Neutral

Moving Avg:

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Indicators:

Buy (3)

Sell (2)

Gold Futures

2,295.80

-7.10 (-0.31%)

Summary

↑ Sell

Moving Avg:

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Indicators:

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Silver Futures

26.677

+0.023 (+0.09%)

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↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

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Sell (9)

Copper Futures

4.5305

-0.0105 (-0.23%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (8)

Sell (1)

Crude Oil WTI Futures

81.14

-0.79 (-0.96%)

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↑ Sell

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Indicators:

Buy (1)

Sell (7)

Brent Oil Futures

85.62

-0.71 (-0.82%)

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↑ Sell

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Indicators:

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Natural Gas Futures

1.946

-0.009 (-0.46%)

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↑ Sell

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Indicators:

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Sell (5)

US Coffee C Futures

213.73

-13.77 (-6.05%)

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↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (0)

Sell (10)

Euro Stoxx 50

4,920.55

-60.54 (-1.22%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (7)

S&P 500

5,035.69

-80.48 (-1.57%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

Buy (0)

Sell (7)

DAX

17,921.95

-196.37 (-1.08%)

Summary

↑ Sell

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Sell (12)

Indicators:

Buy (1)

Sell (6)

FTSE 100

8,144.13

-2.90 (-0.04%)

Summary

Sell

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Buy (5)

Sell (7)

Indicators:

Buy (2)

Sell (4)

Hang Seng

17,763.03

+16.12 (+0.09%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (6)

US Small Cap 2000

1,973.05

-42.98 (-2.13%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

IBEX 35

10,854.40

-246.40 (-2.22%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (3)

Sell (3)

BASF SE NA O.N.

49.155

+0.100 (+0.20%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

Buy (1)

Sell (7)

Bayer AG NA

27.35

-0.24 (-0.87%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

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Sell (8)

Allianz SE VNA O.N.

266.60

+0.30 (+0.11%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

Buy (3)

Sell (5)

Adidas AG

226.40

-5.90 (-2.54%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (7)

Deutsche Lufthansa AG

6.714

-0.028 (-0.42%)

Summary

Neutral

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (9)

Sell (1)

Siemens AG Class N

175.90

-1.74 (-0.98%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Deutsche Bank AG

15.010

-0.094 (-0.62%)

Summary

Neutral

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (6)

Sell (2)

 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank8,300/ 8,500
(8,300/ 8,500) # 1,298
SJC 1L, 10L, 1KG8,300/ 8,520
(0/ 0) # 1,510
SJC 1c, 2c, 5c7,380/ 7,550
(0/ 0) # 540
SJC 0,5c7,380/ 7,560
(0/ 0) # 550
SJC 99,99%7,370/ 7,470
(0/ 0) # 460
SJC 99%7,196/ 7,396
(0/ 0) # 386
Cập nhật 01-05-2024 10:45:19
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ↀ Giá vàng thế giới
$2,285.72-47.5-2.04%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V25.44025.940
RON 95-III24.91025.400
E5 RON 92-II23.91024.380
DO 0.05S20.71021.120
DO 0,001S-V21.32021.740
Dầu hỏa 2-K20.68021.090
ↂ Giá dầu thô thế giới
WTI$80.83+3.390.04%
Brent$85.50+3.860.05%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD25.088,0025.458,00
EUR26.475,3627.949,19
GBP30.873,5232.211,36
JPY156,74166,02
KRW15,9219,31
Cập nhật lúc 10:45:15 01/05/2024
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