- The synthetic asset protocol Mirror is suspected to be under a governance attack trying to defraud 15 million MIR tokens.
- The Mirror protocol community's pool was the attacker's target through Proposal 185.
- The proposal was disguised as a request for cooperation with the Solana network.
Terra ecosystem's massive growth has made it mainstream, attracting hackers to protocols on the network. In a planned governance attack on the Mirror Protocol, attackers tried to defraud $38.7 million worth of tokens.
Mirror Protocol is the target of planned governance attack
Mirror protocol's MIR is an Ethereum token network that governs the synthetic asset protocol. The protocol enables the creation of fungible assets that emulate real-world assets and aims to enable equities trading 24 hours a day, seven days a week.
Mirror protocol aims to mint the "synthetic" version of real-world things and power trading in these assets.
Chinese journalist Colin Wu said the synthetic asset protocol was recently subjected to a governance attack. Hackers tried to defraud the network and steal $38.7 million worth of MIR tokens (the equivalent of 15 million MIR) at $2.58 each.
The attackers submitted Proposal 185, disguising the attack as a request for cooperation with the Solana network.
The synthetic asset protocol Mirror on the Terra is suspected of being under a governance attack. The attacker initiated Proposal 185, disguised as a request for cooperation with Solana, trying to defraud 15 million MIR tokens from the community fund pool . pic.twitter.com/Ct0OumFCil
— Wu Blockchain (@WuBlockchain) December 25, 2021
Wu further noted that the attackers deliberately chose Christmas eve to execute the hack to launch a dozen false governance proposals.
Mirror protocol's community fund pool was the target of the attack requesting in-depth cooperation with Solana. The attacker's attempt to defraud the 15 million MIR tokens pool was carefully planned.
The synthetic asset protocol's price has posted 1.7% gains despite the news of the attack. Analysts have a bullish outlook on Mirror price and continue accumulating the synthetic asset token.
Bought $MIR to hold for a few months pic.twitter.com/dHjZ2ZdmCb
— BullChain (@BullChain) December 22, 2021
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Kraken to launch US-listed stock and ETF trading services after $30 million SEC settlement
/definition-of-etf-21007500_XtraSmall.jpg)
Kraken has indicated plans to diversify, with intentions to leverage the first-mover advantage towards ETF. Meanwhile, the crypto markets continue to appeal to the US SEC for a nod amid a long pile of applications already on the financial regulator’s desk.
Ethereum Futures ETF to roll out by first week of October: Bloomberg ETF analyst
While spot Bitcoin Exchange Traded Funds (ETFs) approval has been a matter of controversy in the United States, Ethereum Futures ETFs' might not be. The Securities and Exchange Commission (SEC) is most likely to approve the trading of ETH ETFs in the next seven days.
Chainlink price might face a correction before it can climb back to 2023 highs
Chainlink price has performed exceptionally over the past couple of days, making room for profits for investors. However, further gains from here on would warrant a market cooldown before the rally can continue.
Top 3 Price Prediction: Bitcoin, Ethereum, Ripple: BTC, ETH, XRP at catch 22 moment
Bitcoin (BTC) price is trying to lead the rest of the market into recovery. However, it faces a key obstacle, same case for Ethereum (ETH) and Ripple (XRP) positioning the top three cryptocurrencies in a muddle.
Bitcoin: BTC downside likely after 20-week EMA culls bulls
Bitcoin (BTC) bearish price fractal, as discussed in a previous article, is underway, but the lack of volatility is causing ambiguity and doubt. Regardless, BTC might see a bit of an upside before the long-term bearish scenario plays out.