🚀 Morpho Suffers $230,000 Loss Due To Oracle Configuration Error
#Morpho #OracleError #PAXG #USDC #CryptoLoss #DeFi #BlockchainSecurity #ChaosLabs
According to Odaily, Chaos Labs founder Omer reported on the X platform that the PAXG/USDC market on Morpho experienced a loss of approximately $230,000 due to an oracle configuration error. Specifically, the Oracle SCALE_FACTOR on Morpho was incorrectly configured, failing to account for the difference between USDC (6 decimal places) and PAXG (18 decimal places). This discrepancy led to a 12-digit inflation in the PAXG price, allowing an attacker to deposit $350 worth of PAXG and borrow $230,000 worth of USDC.#Morpho #OracleError #PAXG #USDC #CryptoLoss #DeFi #BlockchainSecurity #ChaosLabs
🚀 Ethereum Lending Protocol Term Finance Faces Oracle Configuration Error
#Ethereum #TermFinance #LendingProtocol #OracleError #DeFi #ImpermaxFinance #FlashLoanAttack #Cryptocurrency #SmartContracts #ETH
According to Foresight News, Ethereum's fixed-rate lending protocol, Term Finance, experienced a loss of approximately $1.6 million in ETH due to an oracle configuration error. The team has managed to recover over $1 million through internal measures and negotiations. The remaining deficit will be covered by the protocol's treasury, and a detailed report on the incident is planned for release. Term Finance emphasized that this was not a hack, no smart contracts were exploited, and user funds were not directly targeted.
On the same day, the DeFi protocol Impermax Finance suffered a flash loan attack, resulting in losses exceeding $150,000.#Ethereum #TermFinance #LendingProtocol #OracleError #DeFi #ImpermaxFinance #FlashLoanAttack #Cryptocurrency #SmartContracts #ETH