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- GT Airdrop Is Live! 1.92M GT Burned in Q2, Worth Over $39M
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Ionic platform based on Mode attacked by Hacker, losing about 8.8 million dollars
PANews reported on February 5th that according to the official announcement from Ionic, the Mode-based Ionic platform was attacked by a hacker. The hacker used unofficial fake LBTC (Lombard BTC) as collateral for borrowing on the Ionic platform. The team is currently conducting an investigation. According to the security company QuillAudits, the estimated loss from this attack is about 8.8 million US dollars. Regarding this matter, on-chain detective ZachXBT stated: Ionic is the predecessor of the Midas protocol, which experienced two hacker attacks in 2023. However, when the Ionic project went live, it used the outdated 2022 audit report from Midas. ZachXBT privately questioned the team about the security of the Ionic contract, and the team responded that their codebase is based on a fork of Compound, and the vulnerabilities in Midas are due to known vulnerabilities in the Compound code. These issues have been fixed by implementing measures such as whitelisting and reentrancy attack circuit breakers in the new pool, emphasizing that Ionic is very secure.