Makina Finance Suffers $5 Million Loss in Stablecoin Pool Hack
- Makina Finance experienced a security breach resulting in a loss of approximately $5 million.
- The attack involved a flash loan of $280 million that manipulated the price oracle of the DUSD/USDC pool.
- CertiK reported that about $4.14 million was transferred to an MEV builder address post-exploit.
- At the time of the breach, Makina Finance had around $100 million locked in its protocol.
- Other estimates suggest losses could be as high as $5.1 million according to different security firms.
This incident underscores ongoing vulnerabilities within DeFi platforms, despite advancements in blockchain security measures. The protocol’s team is currently investigating the situation and has acknowledged potential impacts on liquidity providers’ positions.
Overall, Makina Finance’s breach highlights significant risks in decentralized finance, with losses estimated at around $5 million from their stablecoin pool hack.(Source)
