DeFi App Mirror Protocol is Victim of a New Exploit

Mirror Protocol, a DeFi application running on the Terra blockchain that allows users to take long or short positions on technological stocks using synthetic assets, has recently suffered a new exploit.

According to the project developers, as a result of the bug, more than $2 million has been stolen and its pools for tokenized assets will be at risk if it is not fixed on time.

The protocol currently runs on the old Terra blockchain, which has been recently replaced by a new blockchain after the collapse of the project’s native stable TerraUSD (UST) and the token Luna, which is now called Luna Classic (LUNC).

Mirror protocol, just like the Terra ecosystem, has its own stablecoin, the mBitcoin, which is supposed to be pegged to Bitcoin’s price. In fact, these are the pools that could be drained by attackers if the exploit is not fixed soon.