OODA Loop – A $90 million DeFi exploit on Terra went unnoticed for seven months
Mirror Protocol appears to be under attack and may have already lost as much as $2 million. 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.
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