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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. 


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.

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