• 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. 

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. 


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.

Cryptos feed Join Telegram

Recommended content

Recommended Content

Editors’ Picks

Cardano whales enter buying spree before the Vasil hard fork

Cardano whales enter buying spree before the Vasil hard fork

Cardano price is showing an interesting set up as it struggles to make a move above a crucial support level. A rejection here could lead to a buying opportunity for patient investors before ADA explodes.

More Cardano News

Why Dogecoin enters 50% bull rally despite founder’s remarks on Elon Musk

Why Dogecoin enters 50% bull rally despite founder’s remarks on Elon Musk

Dogecoin price has been coiling up like a spring for roughly ten days, indicating that a massive move is about to occur. The congestion will likely lead to a bullish move for DOGE that is brimming with volatility.

More Dogecoin News

SafeMoon price readies for a 40% breakout

SafeMoon price readies for a 40% breakout

A brief technical and on-chain analysis on SafeMoon price. Here, FXStreet's analysts evaluate where SFM could be heading next.

More SafeMoon News

Why a 20% rally for Crypto.com price makes sense now

Why a 20% rally for Crypto.com price makes sense now

Crypto.com price is on the verge of flipping a crucial resistance barrier into a support level. Assuming this conversion occurs, CRO will be primed for a quick expansion to the next hurdle.

More Crypto.com News

Bitcoin: The last rebound before capitulation

Bitcoin: The last rebound before capitulation

Bitcoin is showing bullish signs in the lower time frames, which can be taken advantage of by traders in the next couple of days. But looking at BTC from the higher time frames suggests that the bottom is not in yet.

Read full analysis