Makina Finance, a decentralized finance (DeFi) protocol, has confirmed a major exploit targeting its stablecoin liquidity pools, resulting in the theft of approximately $5 million worth of digital assets. The incident was first reported and corroborated by leading blockchain security firm CertiK.
According to analysis provided by CertiK’s Skynet monitoring system, the malicious activity occurred during the early hours of [Insert Date/Recent Timeframe]. The attacker successfully exploited a vulnerability within the smart contract logic governing the stablecoin swaps or liquidity provision (LP) token handling. The exploit allowed the perpetrator to systematically drain large quantities of stablecoins, primarily USDC and USDT, from the platform’s primary pools.
CertiK highlighted that the attack sequence appeared highly coordinated, utilizing a series of precision transactions to maximize the withdrawal before the protocol’s internal safeguards could be triggered. The firm has since provided transactional data and initial forensic findings to the Makina Finance team.
In response to the exploit, Makina Finance immediately paused all trading, staking, and withdrawal functions on the platform to mitigate further losses and isolate the compromised contracts. The team issued a statement acknowledging the breach and assuring users that they are conducting a comprehensive internal audit in collaboration with external security experts.
Makina Finance stated that tracing efforts are underway to follow the stolen funds, which have been moved to several intermediary wallets. The project has committed to releasing a full post-mortem report detailing the specific vulnerability, the attack vectors used, and a compensation strategy for affected users once the full scope of the breach is understood. This incident underscores the ongoing security risks inherent in complex DeFi pooling mechanisms.
Source: Makina Finance suffers $5 million stablecoin pool exploit: CertiK
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