Terra’s Mirror Protocol Warned Against Governance Attack: Report

Terra’s Mirror protocol warned its community against a governance attack according to the latest reports that we have in today’s cryptocurrency news.

The attacker launched a public poll on Mirror’s official website which falsely proposed a freeze on the community pool in case of a scam. If everything goes as planned, the attacked will get 25 million MIR tokens. The Public blockchain network Terra confirmed an ongoing scam attack in its governance poll on Terra’s Mirror protocol as an in-house synthetic assets protocol. The attacker launched a public poll on the official website that proposed a freeze on the community pool in case of a scam.

According to the Poll Id: 211 dubbed “Freeze the community pool in case of a scam” the scammer proposed an upgrade of safer governance rules if there’s an attack. If the hacker manages to get a positive majority on the poll, 25 million tokens worth $64.2 million will be sent to the hackers’ address. Mirror’s approach to warn the community saw a sizeable increase in the number of NO votes which only confirmed the security of the funds. According to WuBlockchain, the attacker launched Proposal 185 disguised as a request for cooperation with Solana while trying to defraud 25 million MIR tokens from the community pools.

The attacker’s poll will remain available to the public for voting till January 1 but the Mirror team launched Poll 212 to warn the investors:

“Poll 211 sending 25,000,000 MIR to itself. VOTE NO to any poll sending community funds out.”

Mirror identified other six polls that tried to drain the community pool and cause MIR dumping:

“Poll# 208 is the 2nd attack on mDOT and is created by the same thief who started this wave of community pool stealing with its fake-burn poll #177.”

NEW MIRROR POLL! ALERT: Poll 211 is SCAM — sending 25,000,000 MIR to itself … #vote on 212: https://t.co/FH6RqTbJ2j $MIR $LUNA #terra

— 🔔🪞Mirror Polls (@mirror_polls) December 25, 2021

Solana amped up the on-chain development initiatives following a distributed denial-of-service attack. The fifth biggest blockchain managed to overcome the attack without having to shut down the network but cited concerns over the network vulnerability, Solana increased the on-chain activity.

As recently reported, Aside from the fact that UST ranks first among the others in the class, it became the overall fourth-biggest stablecoin by market cap and but it is still behind major competitors like USDC, USDT, and BUSD that have strogn backings from companies like a circle, Bitfinex, and binance. Being an algorithmic stablecoin, UST utilizes a token on the Terra blockchain to maintain the peg against the US dollar.