Image courtesy of Pixabay. Last year, the DeFi platform known as Mirror Protocol fell victim to a massive hack amounting to $90 million, astonishingly going unnoticed for more than half a year.

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Last year, the Mirror Protocol, a notable DeFi application, was infiltrated and compromised to the tune of $90 million, with the shocking reality that this remained hidden from sight for over six months. FatMan The breach occurred on the outdated Terra blockchain, known as Terra Classic, on October 8, 2021, and it wasn’t until seven months later that it came to light. According to a tweet from the individual who first uncovered the incident, the hacker made off with $89,706,164.03 by exploiting a vulnerability that enabled them to unlock collateral at a minuscule cost.

In a tweet, FatMan noted that the Mirror Lock protocol, which is supposed to secure collateral for a period of 14 days, lacked a verification system to prevent duplicate calls. This loophole enabled attackers to repeatedly siphon funds. He explained, 'The absence of a duplicate check means an intruder could establish a short position, and after the 14-day period, they could invoke their position ID multiple times from a list, allowing them to repeatedly pilfer funds from the lock contract very cheaply and with no risk.'

According to a Mirror forum user The security flaw was finally rectified in early May, with the solution implemented on the blockchain on May 9, 2022, and the details shared on GitHub by May 14. Remarkably, none of this was communicated to the public during the whole process. The development team has remained silent on the issue.

Mirror Protocol is built on the Terra Classic blockchain, with its assets also accessible through Ethereum and the Binance Smart Chain (BSC).

It appears that Terraform Labs (Terra) is encountering a series of compounding issues. The company has faced significant challenges with the Luna Classic blockchain and has sought to rejuvenate it by rolling out Terra 2.0; however, immediately following the initial coin airdrop, the value plummeted by 60% in just one day. Additionally, reports indicate that South Korean officials are investigating the company in the aftermath of the collapse. Insiders from the project since its inception in 2019 allegedly disclosed that the founder had been warned that Terra was at risk of failure at any moment after an initial model fell short. crash Apple’s potential VR headset may be linked to a trademark application for ‘RealityOS’ that surfaced without explanation. price plummeted Williams Racing takes a leap into the Metaverse with Terra Virtua. under investigation Stay updated on cryptocurrency distributions through our resources. However, please keep in mind that the information on this page is not meant to serve as legal, tax, investment, financial, or any other kind of advice. It’s crucial to only invest what you're prepared to lose, and to consult with a financial professional if you have any uncertainties. For comprehensive information, we recommend reading the terms and conditions along with the support and help pages offered by the issuer or advertiser. MetaversePost is dedicated to providing accurate and unbiased news, yet market dynamics can change swiftly and without prior notice.

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