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- A user noticed a bug on the lending and borrowing platform, Anchor Protocol, and got lucky as they received a “free” $800,000.
- The issue also came to the attention of other users with the price oracle on the platform, who tried to exploit it but immediately faced an error. The platform team was quick enough to solve the bug, preventing additional losses.
- Some individuals even accused Do Kwon of performing an exploit as he is the only person who could perform such a thing with a purpose.
A user got lucky and got a “free” $800,000 because of a bug that occurred on a lending and borrowing platform, Anchor Protocol.
As per the latest reports, the price of LUNC(Luna Classic) surged to $5 even though the tangible assets were priced at significantly lower than $5. The bug was noticed by a user on Anchor’s protocol, who deposited around 20 million Lido Bonded Luna tokens, which the platform considered $100 million.
$200,000 should be the real value of deposited funds. A user taking advantage of the bug took 40 million UST as a loan, withdrawing it at a huge profit of $800,000.
With the price oracle on the platform, the issue also came to the attention of other users who even tried to exploit it but immediately faced an error. The team of the platform quickly solved the bug, preventing additional losses.
People even levied acquisitions on Do Kwon for performing an exploit as he is the only person who could perform such a thing with a purpose.
The whole cryptocurrency market awaited the launch of Luna 2.0; however, Do Kwon’s mission to bring life to the network again miserably failed as the new token suffered a loss of almost 70%, leading to even more controversy in the community taking into account that only a small fraction of funds were unlocked and more selling pressure is expected to hit the market.
Meanwhile, investors and traders are still alleging the Terra co-founder, believing that he is the person who is responsible for the depegging of UST stablecoin and 100% Luna Crash.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
