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Terra’s Mirror Protocol Allegedly Suffers New Exploit

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Don't miss CoinDesk's Consensus 2022, the must-attend crypto & blockchain festival experience of the year in Austin, TX this June 9-12.

Decentralized finance (DeFi) application Mirror Protocol, which is built on Terra, is allegedly suffering another exploit, according to pseudonymous “Mirroruser,” who posted on the Terra Research Forum on May 28. It was amplified on Twitter by “@FatManTerra” Monday afternoon.

According to FatMan, who has been providing commentary on the Terra research forum for the past few weeks, the latest exploit has allegedly drained over $2 million, with the potential for more, due to a bug in the LUNC pricing oracle.

By his account, the buggy oracle is threatening to drain all liquidity pools on Mirror.

Last week, FatMan pointed to previous attacks around the Mirror Protocol.

The Mirror Protocol is a DeFi platform that allows users to create and trade “mirrored assets,” or mAssets, that “mirror” the price of stocks – including major stocks traded on U.S. exchanges.

In October 2021, Mirror Protocol succumbed to a $90 million exploit on the old Terra blockchain, which went unnoticed until last week, The Block reported Monday.

Over the weekend, ​​Terra’s new blockchain was launched, which included an airdrop of new LUNA tokens to users as part of a broader plan to revive the ecosystem, developers confirmed Friday.

Read more: First Mover Asia: Bitcoin Extends Losing Streak, New LUNAs Crash Like Old LUNAs, Stepn's China Dilemma