The DeFi application Mirror Protocol, built on top of Terra, is allegedly being hit by another exploit, according to the pseudonymous "Mirroruser" posting on the Terra Research Forum on May 28, 2022. The message was relayed by "@FatManTerra" on Twitter this afternoon.
According to FatMan, who has been providing commentary to the Terra Research Forum for the past several weeks, the latest exploit has reportedly subtracted over $2 million and possibly more due to a flaw in the LUNC price oracle.
According to him, the flawed oracle threatens to drain all liquidity pools on Mirror.
Last week, FatMan pointed to previous attacks on the Mirror Protocol.
Mirror Protocol is a decentralized financial platform (DeFi) that allows users to create and trade "mirrored assets," or mAssets that "mirror" the price of stocks-including large stocks traded on U.S. exchanges.
In October 2021, Mirror Protocol succumbed to a $90 million exploit on the old Terra blockchain that went unnoticed until last week, The Block reported Monday.
Over the weekend, the new Terra blockchain launched, which included an airdrop of new LUNA tokens to users as part of a broader plan to revitalize the ecosystem, developers confirmed Friday.