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Detail Analysis

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Date:

Status:

Count:

Contributor:

May 12, 2022

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Verified

1

zerofriction.io

Loss Amount:

8,300,000

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Recovered Amount:

-

Currency:

Dollars

KYC By:

Audit By:

None

None

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Key Indicators

Platform:

Type:

Category:

Method:

Avalanche

Protocol

Staking

Contract Vulnerabilities

Extended Method:

Price oracle manipulation

Data Sources:

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Blizz Finance is a decentralized, non-custodial liquidity market protocol operating on Avalanche.

Chainlink paused the LUNA price oracle and that specific action placed the price feed out of sync, allowing several attackers to deposit millions of LUNA which is still worth $0.10 while the market price was $0.01 to borrow all the collateral.

Subsequently, the Blizz Finance protocol was drained before the Dev Team could pause due to the timelock. The loss amount was determined to be approx. $8.3M. As announced on May 15, the protocol will shutdown and cease all operations.

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DISCLAIMER: While Zero Friction LLC has used the best efforts in aggregating and maintaining this database, Zero Friction LLC makes no representations or warranties with respect to the accuracy or completeness, and specifically disclaim any implied warranties of merchantability or fitness for any particular purpose. 

Under no circumstances, shall Zero Friction LLC be liable for any loss of profit or funds, any regulatory or governmental penalties, any legal costs, or any other commercial and non-commercial damages, including but not limited to special, incidental, consequential, or other damages from any or all usage of the dataset or information derived from our database.