- 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
US SEC Crypto Task Force to host the first-ever roundtable on crypto asset regulation
The US Securities and Exchange Commission Crypto Task Force will host a series of roundtables to discuss key areas of interest in regulating crypto assets. The “Spring Sprint Toward Crypto Clarity” series’ first-ever roundtable begins on Friday.
Bitcoin stabilizes around $84,000 despite US SEC regularity clarity and Fed rate stability
Bitcoin price stabilizes around $84,000 at the time of writing on Friday after recovering nearly 2% so far this week. The recent announcement by the US SEC that Proof-of-Work mining rewards are not securities could boost BTC investors' confidence.
BTC, ETH and XRP stabilize as SEC Crypto Task Force prepares for First roundtable discussion
Bitcoin (BTC) price hovers around $84,500 on Friday after recovering nearly 3% so far this week. Ethereum (ETH) and Ripple (XRP) find support around their key levels, suggesting a recovery on their cards.
XRP sees growing investor confidence following SEC ending legal battle against Ripple
XRP whale holdings and network activity signal rising optimism among investors. However, signs of bearish sentiment in the derivatives market could hamper XRP's price growth.
Bitcoin: BTC stabilizes around $84,000 despite US SEC regularity clarity and Fed rate stability
Bitcoin (BTC) price stabilizes around $84,000 at the time of writing on Friday after recovering nearly 2% so far this week. The recent announcement by the United States (US) Securities and Exchange Commission (SEC) that Proof-of-Work (PoW) mining rewards are not securities could boost BTC investors' confidence.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.