Difference between revisions of "LUNA Collapse in May 2022"

LUNA Collapse in May 2022 (view source)

Revision as of 01:18, 16 May 2022

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 On the 12th of May 2022, [[Venus]] on BSC and Blizz Finance on Avalanche were exploited for $13M and $6M respectively. It was revealed the LUNA oracle had a lower limit of $0.10. When the price of LUNA crashed to $0.00005, attackers were able to provide collateral and borrow a lot more than it was worth.<ref>https://rekt.news/venus-blizz-rekt/</ref>
-On the 15th of May 2022 Blizz Finance published a post mortem on Medium<ref>[https://medium.com/@blizzfinance/blizz-finance-post-mortem-2425a33fe28b Blizz Finance Post Mortem] - Medium</ref> So far there´s no official communication from Chainlink on the issue, some tweets<ref>https://twitter.com/stanikulechov/status/1525105477704634368</ref> point to this document<ref>https://docs.chain.link/docs/selecting-data-feeds/#risk-mitigation</ref> exposing ways to mitigate risk. Oldest version from document from November 2021<ref>https://web.archive.org/web/20211105012157/https://docs.chain.link/docs/selecting-data-feeds/#risk-mitigation</ref> on Archive.org Wayback machine doesn´t include the suggested steps for risk mitigation.
+On the 15th of May 2022 Blizz Finance published a post mortem on Medium<ref>[https://medium.com/@blizzfinance/blizz-finance-post-mortem-2425a33fe28b Blizz Finance Post Mortem] - Medium</ref> So far there´s no official communication from Chainlink on the issue, some tweets<ref>https://twitter.com/stanikulechov/status/1525105477704634368</ref> claim: "Chainlink´s circuit breaker worked as expected". Chainlink´s documentation<ref>https://docs.chain.link/docs/selecting-data-feeds/#risk-mitigation</ref> exposes ways to mitigate risk, though the oldest version of such documentation from November 2021<ref>https://web.archive.org/web/20211105012157/https://docs.chain.link/docs/selecting-data-feeds/#risk-mitigation</ref> on Archive.org Wayback machine doesn´t include the suggested steps for risk mitigation.
 == Aftermath ==