MakerDao

Liquidation Mechanism Flaw

Estimated loss

$7.90M

VERDICT —UNRATED

Verdict pending. Auto-ingested incidents are reviewed before a public verdict is rendered.

▰ METHOD

Undisclosed

Root cause

Root-cause analysis not yet published. The incident description below contains all currently available signal — review the attack transaction directly for definitive forensics.

Forensic narrative

Due to the congestion of Ethereum, the gas soared, and the liquidated ETH was sold at a price of 0 US dollars using the MakerDao auction loophole. Attack method (per SlowMist): Liquidation Mechanism Flaw. Reported loss: $ 7,900,000.

Primary source

https://coingape.com/was-makerdao-mkr-free-fall-because-of-a-system-exploit-that-saw-8-million-of-eth-stolen/ ↗

Sourced from

slowmist

Technical record