News/Mirror Protocol Suffers New Exploit and Could Be Drained in Hours

Mirror Protocol Suffers New Exploit and Could Be Drained in Hours

May 31,2022,09:27
Mirror Protocol, a DeFi app on the Terra blockchain, has suffered another exploit. So far, more than $2 million has been taken and if the bug isn't fixed by 4:00 AM ET tomorrow, all of its pools for tokenized assets will be at risk. Mirror protocol allows users to take long or short positions on tech stocks using synthetic assets. It's running on the old Terra blockchain (Terra Classic). The issue is said that the majority of validators running nodes on the Terra Classic chain are running an outdated version of the price oracle. As a result, these nodes are telling the Mirror Protocol that LUNC is worth 5 TerraUSD (UST) ($0.10), instead of being just a fraction of a cent.
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