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Cryptocurrency News

DeFi protocols declare losses as attackers exploit LUNA price feed discrepancy

05/13/2022

Less than a minute

2022.05.13 13:51

The seemingly endless freefall of Terra (LUNA) affected two decentralized finance (DeFi) protocols due to a price discrepancy, as the Chainlink price feed for LUNA gets suspended over extreme market conditions.

Avalanche-based liquidity protocol Blizz Finance reported that as the price of LUNA was stuck at $0.10, attackers were able to deposit millions of LUNA to “borrow all the collateral.” As a result, Blizz Finance mentioned that its protocol was drained before its team could pause. The team apologized to those who were affected.

Source

05/13/2022

Less than a minute