Cryptocurrency [loss] $22M+

"Venus Protocol Official Statement regarding LUNA"

2022-05-12 [vendor] Terra oracle attacks [chain] terra, avalanche, bsc
Primary Source ↗
Financial Loss $21.8M (21,800,000 USD)
Blockchain(s) Terra, Avalanche, Bsc

Incident Details

Earlier today, Terra halted their blockchain after a devastating few days. Subsequently, Chainlink’s oracle paused the price feed, causing it to fall out of sync with the apparent market price of the token. This enabled multiple attacks on various platforms.$13.5 million was fraudulently borrowed from the Venus protocol on BSC. Blizz Finance on Avalanche reported their protocol had been entirely drained, amounting to around $8.3 million. Blizz subsequently announced in a post-mortem that “Blizz has no treasury or development fund and a significant portion of the stolen assets belonged to our team. As such we regret to announce the protocol has been paused and we do not intend to resume operations.”

Total loss estimated at $21,800,000.

Technical Details

Initial Attack Vector
Smart contract exploit / hack
Vendor / Product
Terra oracle attacks

Timeline

  1. 2022-05-12 Breach occurred
  2. 2022-05-12 Publicly disclosed