Mycelium

What happened

Mycelium, a perpetual agreement, tweeted that due to the oracle feeding problem of the ETH-USD trading pair, MLP suffered a loss of 4~6% from robot arbitrage (the current pool size is about $6.6 million, and the estimated loss is about $300,000), but the team has fixed the loophole and resumed trading. The reason for this is that due to the fact that Binance began blocking US IPs in late December, one of Mycelium's three oracle data vendors went offline, and the other vendor also seemed to have gone wrong overnight, resulting in prices relying only on Coinbase and Bitfinex. Coinciding with about 4 pm yesterday, Bitfinex's ETH-USD feed price fluctuated significantly, and the spread was extremely large, perhaps the arbitrage robot detected the spread and began to arbitrage at a higher than usual amount, resulting in a loss of MLP.

Details

Date

Jan 7, 2023

Kind

Hack or exploit

Method

Oracle Attack

How in

Price, oracle and governance

Target

not stated

Chains

BNB Chain

Reported by

• SlowMist Hacked ↗

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