Latest News

New revelations about Mirror Protocol bring further terrible news for Terra

New allegations regarding Terra’s synthetic asset methodology, Mirror has resurfaced. An exploit involving Mirror’s lock contract in particular.

Since the Terra debacle broke earlier this month, @FatManTerra has been exposing the Terra ecosystem’s inner workings. So, The revelations depict a picture of shady behavior.

The latest charges also show that Terra users have been getting the short end of the stick for far longer than previously thought.

Mirror Protocol may not be as decentralized as it promises, according to information released on social media on May 26.

One of these wallets is tied to Do Kwon, the CEO of Terraform Labs, through a Decentralized Autonomous Organization (DAO) on which he serves as an advisor.

Tying everything together, @FatManTerra speculates that this could hint to Terra’s senior leadership manipulating governance and benefitting as a result.

New allegations have surfaced.

@FatManTerra also shared details of a Mirror Protocol exploit that was patched around 18 days ago, around the same time UST lost its peg.

The issue at hand is with the Mirror lock contract. Users lock their collateral under regular conditions, and after a 14-day holding period, they can use an unlock mechanism to free it.

The code that controlled the unlock function did not contain a duplicate check until the UST implosion. Lastly, After the 14-day lock-in period, an attacker might repeatedly release cash.

Furthermore, according to @FatManTerra, Mirror Protocol corrected the flaw without telling the Mirror community of its existence.

Related Posts – The Indian Finance Minister hails blockchain technology

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.