Anchor Protocol Bug Exploited After Luna 2.0 Launch: User Cashes in $800,000
Following the highly anticipated Luna 2.0 launch, a significant vulnerability in the Anchor Protocol was exploited, allowing a user to net a staggering $800,000. This incident has raised serious concerns about the stability and security of decentralized finance (DeFi) platforms, particularly in the wake of Terra\'s recent struggles.
How the Anchor Protocol Exploit Happened
Apparently, a bug surfaced following the LUNA 2.0 launch. The issue centered around the price oracle for $LUNC (Luna Classic). Después del lanzamiento oficial de Terra 2.0, el oráculo de precios de $LUNC (Luna Classic) se disparó a $5 a pesar de que el precio de los activos reales era... significantly lower. This discrepancy, where the oracle reported the LUNC trading price as $5 instead of the actual significantly lower price, created an arbitrage opportunity that one user quickly capitalized on.
Anchor Protocol Got Exploited with Launch of Luna 2.0, User Makes Free $800,000. The exact mechanism of the exploit involved leveraging the incorrect price feed to borrow assets against LUNC collateral at an artificially inflated value. This allowed the user to withdraw assets worth far more than their actual collateral, effectively draining funds from the protocol.
LUNA 2.0 Launch and Its Impact on Anchor Protocol
The LUNA 2.0 launch may have indirectly triggered the bug in Anchor Protocol, although the exact causal relationship is still being investigated. The rapid changes and migrations associated with the new chain could have introduced instability in the oracle\'s price feeds. The team was quick to catch the exploit, but significant damage had already been done. LUNA 2.0 launch may have caused a bug in Anchor Protocol ; The team was qucik to catch the exploit Posted by u/CWCOfficial - 5 votes and 25 comments This incident highlights the importance of rigorous testing and auditing before and after major network upgrades.
The Aftermath: $800,000 Gone
The exploit underscores the inherent risks associated with DeFi protocols, particularly those built on volatile or newly launched blockchains. Following the launch of Luna 2.0, some lucky users got a free $800,000 thanks to the bug that happened on Anchor Protocol lending and borrowing platform. Here is how it happened. While some may see this as a "lucky" windfall for the exploiter, it represents a significant loss for the Anchor Protocol ecosystem and raises concerns about investor confidence.
Suite au lancement de Luna 2.0, certains utilisateurs chanceux ont reçu 800 000 $ « gratuitement » grâce au bug survenu sur la plateforme de prêt et d’emprunt Anchor Protocol. Voici... A thorough investigation is underway to determine the full extent of the damage and implement measures to prevent similar exploits in the future. Users are advised to exercise extreme caution and conduct thorough due diligence before interacting with DeFi protocols, especially in the aftermath of major network events.