Mirror Protocol, a platform operating in the bitcoin and altcoin space, appears to be under attack and may have lost as much as $2 million already. Here are the details of the attack…
Altcoin suffered the second hack attack
Kriptokoin.com As we reported, Mirror’s almost 90 days ago seven months ago. Just days after it was discovered that a million-dollar hack had been discovered, the protocol appears to have suffered another attack. The attacker apparently took advantage of the inconsistent data between the price oracle’s old LUNC token and the new LUNA token. The abuse was reported by a Mirror community member who posted about it on the Mirror community forum. Then it quickly spread by Twitter user FatMan, who discovered the previous Mirror exploit four days ago.
Mirror Protocol is being exploited again as we speak, and the devs are completely MIA. So far, the attacker has drained over $2m and counting – the attack will get worse when markets open tomorrow unless the dev team steps in and fixes the price oracle. @mirror_protocol (1/4)
— FatMan (@FatManTerra) May 30, 2022
According to FatMan, the price is oracle Hacking was possible due to an error in their configuration. This has been confirmed by Chainlink community member ChainLinkGod, who said that oracle is currently reporting the price of the new Terra 2.0 (LUNA) token ($9.80) instead of the original Terra Classic (LUNC) token ($0.0001). FatMan estimates that the exploit cost Mirror Protocol $2 million, but no official statement has yet been made as to the amount lost. However, it is known that the liquidity of mBTC, METH, mDOT and mGLXY pools has been drained.
.@mirror_protocol has just been exploited again due to Terra Classic validators reporting the price of the new Terra 2.0 $LUNA coin (~$9.80) instead of the original Terra Classic $LUNC coin (~$0.0001)
This is a massive operations failurehttps://t.co/hO0M0UFBYq https://t.co/ygbr3ij4iS pic.twitter.com/PO0huxX8oQ
— ChainLinkGod.eth (@ChainLinkGod) May 30, 2022
Mirror Protocol developers not taking action
FatMan and other crypto users are urging Mirror developers to take action before the rest of the mAsset pools like mAAPL and mAMZN are also drained. Mirror Protocol is a decentralized application that allows the creation of digital synthetic assets that track the price of real-world assets such as stocks. Mirror’s core contracts are deployed on Terra Classic, but its assets are also available on Ethereum and Binance Smart Chain (BSC). It was previously hacked for $90 million, which was discovered seven months after the incident.
MIR is the management token of Mirror Protocol, a synthetic asset protocol created by Terraform Labs (TFL) on the Terra Blockchain. The value of MIR has dropped close to 8 percent in the last 24 hours after the news of the latest attack spread.
