{"id":28778,"date":"2022-05-31T16:05:26","date_gmt":"2022-05-31T20:05:26","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=28778"},"modified":"2022-05-31T16:05:43","modified_gmt":"2022-05-31T20:05:43","slug":"mirror-protocol-stops-activities-after-losing-2-million-to-attackers","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/mirror-protocol-stops-activities-after-losing-2-million-to-attackers\/","title":{"rendered":"Mirror Protocol Stops Activities After Losing $2 Million To Attackers"},"content":{"rendered":"\n<p>Based on reports, a seemingly catastrophic loss on <a href=\"https:\/\/coinscreed.com\/staging\/terra-luna-2-0-rebounds-100-in-24-hours-after-this-fix.html\" target=\"_blank\" rel=\"noreferrer noopener\">Terra<\/a>&#8216;s Mirror Protocol was just averted at the last minute.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"662\" height=\"308\" src=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/05\/image-264.png\" alt=\"Mirror Protocol Stops Activities After Losing $2 Million To Attackers | Coinscreed\" class=\"wp-image-28781\" srcset=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/05\/image-264.png 662w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/05\/image-264-300x140.png 300w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/05\/image-264-150x70.png 150w\" sizes=\"(max-width: 662px) 100vw, 662px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-key-takeaways\">Key takeaways<\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li>The Mirror protocol stopped an exploit that started yesterday and resulted in a loss of around $2 million.<\/li><li>The stalled project has some assets affected to prevent funds from being further withdrawn.<\/li><li>The mirror log could be minutes away from collapsing as the pools may have been emptied when markets opened today.<\/li><\/ul>\n\n\n\n<p>The Terra Mirror protocol solved an ongoing exploit that caused the network to lose over $2 million yesterday.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Mirror Protocol disables affected pools<\/h2>\n\n\n\n<p>An attack on the platform began yesterday, May 30, when flawed price oracles allowed attackers to siphon off funds.<\/p>\n\n\n\n<p>The problem arose because these oracles did not match Tera (LUNA) and Terra Classic (LUNC) prices, giving the attacker the opportunity to get the most valuable asset cheaply and exchange it for other used assets through the <a href=\"https:\/\/www.google.com\/search?q=mirror+protocol&source=lmns&bih=690&biw=1600&hl=en&sa=X&ved=2ahUKEwi_x4Kww4r4AhUG_hoKHSljAHoQ_AUoAHoECAEQAA\" target=\"_blank\" rel=\"noreferrer noopener\">Mirror Protoco<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><g id=\"wpil-svg-outbound-7-icon-path\" fill=\"none\" clip-path=\"url(#clip0_31_188)\">\r\n                            <path d=\"M9.16724 14.8891L20.1672 3.88908\" stroke-linecap=\"round\"\/>\r\n                            <path d=\"M13.4497 3.53554L20.5208 3.53554L20.5208 10.6066\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/>\r\n                            <path d=\"M17.5 13.5L17.5 16.26C17.5 17.4179 17.5 17.9968 17.2675 18.4359C17.0799 18.7902 16.7902 19.0799 16.4359 19.2675C15.9968 19.5 15.4179 19.5 14.26 19.5L7.74 19.5C6.58213 19.5 6.0032 19.5 5.56414 19.2675C5.20983 19.0799 4.92007 18.7902 4.73247 18.4359C4.5 17.9968 4.5 17.4179 4.5 16.26L4.5 9.74C4.5 8.58213 4.5 8.0032 4.73247 7.56414C4.92007 7.20983 5.20982 6.92007 5.56414 6.73247C6.0032 6.5 6.58213 6.5 7.74 6.5L11 6.5\" stroke-linecap=\"round\"\/>\r\n                        <\/g>\r\n                        <defs>\r\n                            <clipPath id=\"clip0_31_188\">\r\n                                <rect fill=\"white\" height=\"24\" width=\"24\"\/>\r\n                            <\/clipPath>\r\n                        <\/defs><\/svg><\/span><\/a>l.<\/p>\n\n\n\n<p>Terra community member FatMan wrote on Twitter that the issue is now resolved as the platform has disabled mBTC, mETH, mDOT, and mGLXY as side options. These funds were originally the target of the attacker during the original exploit.<\/p>\n\n\n\n<p>&#8220;The attacker can no longer use their illegal donation to drain the rest of the pools,&#8221; he posted this morning.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The project was on the verge of collapse<\/h2>\n\n\n\n<p>It seems that the platform was on the verge of collapse due to exploitation and lost funds in the process.<\/p>\n\n\n\n<p>Another user, Rizman Zoom, wrote that the affected assets are available at a 97% discount this morning. This meant that platform's pools could have been quickly drained of funds as US markets opened today.<\/p>\n\n\n\n<p>&#8220;Mirror Protocol is dying today,&#8221; wrote Rizman Zoom on Discord. &#8220;If they don't suspend mBTC, mETH, mDOT and mGLXY from being used as collateral for minting within the next 25 minutes, the Mirror protocol will be exploited to death.&#8221;<\/p>\n\n\n\n<p>Just before the issue was resolved, FatMan wrote that the protocol was only 16 minutes away from death. This suggests that the platform was really on the verge of failure.<\/p>\n\n\n\n<p>This is the second recent attack on the Mirror protocol. Another attack in October 2021 went unnoticed until last week, when it was discovered to have cost the protocol $90 million.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Based on reports, a seemingly catastrophic loss on Terra&#8216;s Mirror Protocol was just averted at the last minute. Key takeaways The Mirror protocol stopped an exploit that started yesterday and resulted in a loss of around $2 million. The stalled project has some assets affected to prevent funds from being further withdrawn. The mirror log [&hellip;]<\/p>\n","protected":false},"author":34,"featured_media":28782,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[10365],"class_list":["post-28778","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-mirror-protocol-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/05\/1_dVvJp04FWfVyjkIoljVt9g.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/28778","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=28778"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/28778\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/28782"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=28778"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=28778"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=28778"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}