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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)
A bug in the pricing oracle is telling the system that LUNC is worth around 5 UST when it's actually under a microcent. For $1k in LUNC, an attacker can now load up on $1.3m in collateral but can pull out real assets by borrowing. Example tx: https://finder.terra.money/classic/tx/F830681D8FEACC4DA67E84D40C49F0FF805609F2BB5CCC39A0EFE66257F2D791 … (2/4)
So far, the mBTC, mETH, mDOT and mGLXY pools have been drained. In around 12 hours, the market feed will kick in, and the attacker will be able to drain all of the mAsset pools (such as mSPY and mAAPL, mAMZN, etc.) - most of the pools can still be saved. (3/4)
@stablekwon @mirror_protocol Please look into fixing the LUNC price oracle, because in a short while, all liquidity pools will be drained, Mirror will accrue irremediable bad debt, and the system will collapse in on itself. This is not the time to be negligent. (4/4)
PS. Shout-out to Mirroruser (https://forum.mirror.finance/t/another-exploit/3511 …) who discovered the exploit, and a huge thank you to @Die_Nub_Plz who helped me confirm and unpack the findings from the thread. This exploit is depressing (and almost comical), but we can still save people, so please act fast.
PPS. This entire Mirror situation is a huge blow for me (and the crypto space in general), because personally, I truly believed that a decentralized stock market free of government control was one of the most powerful use cases for this technology. I hate to see it die like this.
PPPS. This is how the oracle can be saved. We need an urgent call to action in all validator channels.https://twitter.com/blockpane/status/1531369644531101696 …
PPPPS. It looks like nothing will be done and the project will collapse tomorrow for sure (there are other vectors too), so get all your money out of Mirror right now. Tell anyone who has money in Mirror to withdraw and sell their assets. Pretty soon there will be nothing left.
inb4 it's the devs that are draining the protocol, crypto's like a movie i'm tellin ya
Highly likely. What an act of arson. Don't use alt L1-s.
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