Mirror Protocol was attacked – $2M has been withdrawn

Mirror Protocol is a project developed on the platform of Terra that is currently under attack.

The Dark Knight of Terra — FatManTerra — has again reported on another exploit with the Terra ecosystem. Mirror Protocol, a decentralized exchange on Terra, has had over $2 million drained due to an issue with the pricing oracle for Luna Classic.

This issue affected other apps like CoinStats today, May 31. LUNC investors quickly re-examined their portfolios and saw growth of 6,153.750% as LUNC was shown at $8 per token instead of $0.00013.

However, what is happening to Mirror Protocol is extremely serious. The attackers made a loan using many LUNC as collateral and then cleared tokens such as “mBTC, mETH, mDOT and mGLXY”, which had exhausted entirely their liquidity.

FatManTerra issued an early warning on May 31, urging Mirror Protocol to fix the price error before the U.S. market opened. Mirror also hosts coded versions of U.S. securities such as $SPY, $AAPL, and $AMZN, which are also threatened when they become tradable.

Today’s Mirror Token was reduced by 20% as soon as this news was announced. Investors withdrew their tokens for fear of losing assets during the mining process. Moreover, mirror.finance seems to be down as of 1 pm GMT on May 31, indicating that it may all be wrong with the app.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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KAI