Cryptocurrency traders are continuing to face fallout from the Terra blockchain crash.
Now that Terra 2.0 has launched—with the old LUNA cryptocurrency renamed to Luna Classic, or LUNC—the new LUNA token on the Terra blockchain was trading at $8.51 as of this writing, while LUNC was trading at $0.0001.
This substantial price discrepancy enabled an exploit yesterday in which an attacker reportedly drained more than $2 million from Mirror Protocol.
Mirror Protocol is a Terra DeFi project with an Ethereum token MIR, which is down more than 9% over the last 24 hours. On Mirror, users can trade synthetic versions of real equities, like shares of Amazon or Apple.
But an issue with Terra Classic validators caused a mixup in the oracle’s price reporting of LUNC, listing LUNC’s price as LUNA’s.
The error reportedly occurred because many Terra Classic validators weren’t running an updated version of the price oracle.
In short, that stark price difference enabled the attacker to use the...
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