Decentralized finance (DeFi) project Mirror Protocol has been reportedly suffering an ongoing exploit over the past couple of days that allowed bad actors to drain four synthetic asset pools from the protocol, with the potential to drain funds from all other pools in the coming days.
At the time of writing, there were no statements from Mirror Protocol about the incident and the team was not available for comment.
The exploit was possible due to an error on the pricing oracle software for Terra Classic (LUNC) validators. Pseudonymous governance participant ‘Mirroruser’ first reported the incident on May 29 with a post on the Terra Research Forum.
As of now, the mBTC, mDOT, mETH, and mGLXY synthetic asset pools on the protocol have all been drained, losing over USD 2m worth of assets. The attacker will be able to continue exploiting the protocol when the markets open today, according to pseudonymous Terra researcher FatMan.
"Mirror Protocol is being exploited again as we speak, and...
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