The new DEFI platform enters the market! Earn passively - token sale 0.25 $ I'm going in!

Terra’s mirror protocol took steps to protect against governance attacks.

3 min reading

Terra, a public blockchain network, confirmed a scam attack on Mirror, a synthetic asset protocol it is using, by means of an official governance poll. 

Scam.jpg https://www.freepikcompany.com/legal

Mirror’s official website was used by the attacker to spread false rumors that a freeze on the community pool would be implemented if the scam were to succeed. If this were to happen, the attacker would receive 25 million MIR tokens. Terra, a public blockchain network, confirmed a scam attack on Mirror, a synthetic asset protocol it is using, by means of an official governance poll.

Mirror reports that the attacker posted a public poll on its official website proposing a freeze on the community pool in case of scam. As per Poll ID: 211, “Freeze community pool in case of scam”, the scammer is advocating for more secure community governance rules in the event of a hack. If the hacker is successful in getting a positive majority on the poll, 25 million MIR tokens (worth $64.2 million at the time of writing) will be sent to his address.

As can be seen in the above screenshot, Mirror’s proactive approach to warning the community has resulted in a dramatic increase in the number of ‘No’ votes, thus confirming the funds’ security.

In its report, WuBlockchain indicates that the attacker initiated Proposal 185, which was disguised as a collaboration request with Solana, and attempted to fraudulently transfer 25 million MIR tokens from the community fund pool.

The attacker’s poll will remain publicly available for voting till Jan. 01. However, the Mirror team launched Poll 212 to warn the unwary investors:

“Poll 211 sending 25,000,000 MIR to itself. VOTE NO to any poll sending community funds out.”

Additionally, Mirror identified six other polls – with ID numbers 185, 198, 204, 206, 207 and 208 – that have substantially drained the community pool and deposited MIR:

Also Read - Compromised hot wallets from BSC, ERC-20, and Polygon cost AscendEX $80M Loss.

PeckShield, a company specializing in blockchain security and data analytics, estimated more than $60 million worth of tokens were transferred using the Ethereum blockchain. Tokens stolen from Binance Smart Chain and Polygon were worth $9.2 million and $8.5 million.

Currency Exchange rate Buy cryptocurrency

Buy crypto now
with Swapcoin.today

Dear customer,

We use cookies to provide our services correctly and safely. Cookies are small text-based data sets that shall be saved on the device you are using in connection with the use of this instnat website. Cookies are created in order to ensure proper functioning of thes instant website. By clicking the button "I accept and go to the website", you implicitly agree to creation of the cookies on your computer and to deploy automatic tracking and data collection and processing on behalf of the Lushup Holdings FZ LEE. Click the above-captioned button is also tantamount to accepting website's privacy policy. Closing the notification by means of "X" is unequivocally connected with your consent. If you do not agree to any of the above, please discontinue using our Website.

“Cookies” shall make an identification of the software used by you and to customization of this instant website to your needs. Cookies contain the name of the domain from which they origin, duration of period of their storage on your computer and an assigned value.

Third party cookies:
We also use third-party cookies for the following purposes:

  • creating statistics - helping to understand the way Users use the Website, which allows to improve its structure and content with use of the analytical tools
  • defining a user profile - in order to display custom-tailored content in advertising networks.

External entities that might be source of any third-party cookies on this instant Website are as follows:

Using a settings of your web browser or by using pre-set configuration tools available in our service you can independently and at any time change the settings concerning your use of the “cookies”, specifying the conditionsof their storage and how your device is creating and downloading them. These settings can be changed to block the automatic handling of cookies in the settings of your web browser or inform about their placement on your device each time.

Detailed information about the options related to use of “cookies” is available in the settings of your software (web browser).

Service privacy policy

This instant document lays out the principles of the Privacy Policy on the tokeneo.com/news/pl website (hereinafter referred to as the "Website" or "Service"). The administrator of the Website is Lushup Holdings FZ LEE, Fujairah - Creative Tower, P.O.Box 4422 Fujairah, United Arabs Emirates.

The full document to read the Tokeneo privacy policy is available in this document.

Advanced settings can be changed in your browser.