Gate Square “Creator Certification Incentive Program” — Recruiting Outstanding Creators!
Join now, share quality content, and compete for over $10,000 in monthly rewards.
How to Apply:
1️⃣ Open the App → Tap [Square] at the bottom → Click your [avatar] in the top right.
2️⃣ Tap [Get Certified], submit your application, and wait for approval.
Apply Now: https://www.gate.com/questionnaire/7159
Token rewards, exclusive Gate merch, and traffic exposure await you!
Details: https://www.gate.com/announcements/article/47889
DeFi execution engine project Makina attacked: price manipulation vulnerability causes loss of 5.1 million USDC
【Blockchain Rhythm】On January 20th, the multi-chain DeFi execution engine Makina was attacked on the Ethereum mainnet. According to monitoring data from BlockSec Phalcon, this incident resulted in a direct loss of over 5.1 million USDC.
The core principle of the attack is actually not complicated—hackers exploited a price manipulation vulnerability within the protocol. By artificially controlling the price signals of the liquidity pool, they inflated the apparent value of assets in the liquidity provider (LP) accounts. It was this inflated value difference that gave the attackers an opportunity, allowing them to transfer funds through arbitrage operations.
This type of incident reminds us that even DeFi projects focused on execution optimization are vulnerable in the price feeding and asset valuation stages. For users participating in DeFi, choosing platforms that have undergone thorough audits and risk management remains crucial.