Summary of the Incident
- •Makina Finance experienced an exploit targeting its CurveStable pool, resulting in a loss of $4.2 million.
- •The stolen Ether is currently held in two separate wallets, with the hacker employing an MEV builder to obscure the transaction trail.
- •Makina Finance has not yet provided an update to its users regarding the recovery process or the full impact of the hack.
Details of the Exploit and Hacker's Actions
Makina Finance has been the victim of a significant exploit, leading to a loss of approximately 1,299 ETH, which is valued at around $4.2 million. The attack specifically targeted the platform’s DUSD/USDC CurveStable pool, draining the funds and raising concerns about security within the decentralized finance (DeFi) sector.
According to reports from PeckShieldAlert, the hacker managed to exploit the Makina Finance platform for approximately 1,299 ETH, a sum valued at roughly $4.13 million. Following the successful draining of funds, the stolen ETH was routed through an MEV builder address, identified as 0xa6c2..., which aided in obscuring the transaction trail.
The stolen funds are presently being held in two distinct wallets. The first wallet, 0xbed2...dE25, contains approximately $3.3 million, while the second wallet, 0x573d...910e, holds about $880,000.
As of the latest information, Makina Finance has not issued an official update concerning the hack. This lack of communication from the platform has left its users in a state of uncertainty regarding the complete impact of the attack.
Investigators are actively monitoring the activity of the wallets involved, searching for any signs of the stolen funds being moved or sent to exchanges.
Ethereum Market Performance Amidst Uncertainty
The current uncertainty surrounding the Makina Finance exploit occurs at a time when Ethereum (ETH) has recently fallen below its key support level of $3,200. Analysts suggest that the next significant support zone for ETH is located between $3,000 and $3,050, a level where a potential rebound could materialize. According to analyst TedPillows, ETH might retest these levels in the near future, considering the prevailing market conditions.
Despite the downward price pressure, there remains an element of optimism that Ethereum could experience a recovery if buyers enter the market and successfully stabilize the price at these identified support levels.
The broader market sentiment continues to be characterized by caution, reflecting the uncertainty observed in decentralized finance platforms such as Makina Finance. Ethereum's price movements are likely to remain influenced by external factors, as global risks and security breaches continue to impact investor confidence across the cryptocurrency space.