Mycelium Hack

TOTAL LOST $300K
Low Other

What happened

Quick Summary

Mycelium ETH/USDT pool suffered a loss of ~300K due to an arbitrage bot attack.

Details of the Exploit

An attack by arbitrage bots caused a loss of around $300,000 to the Mycelium ETH/USDT pool. The bots identified a significant price difference in the ETH prices on the platform and took advantage of the liquidity. This price discrepancy was due to the highly volatile ETH/USDT trading pair price, which was broadcasted by the Bitfinex API at approximately 02:45 AM AEST time.

Meanwhile, Binance disrupted the system by blocking the US-related IP used by Mycelium, which prevented the system from rebalancing the price independently.

Case & protocol details

Classification Exchange (DEX)
Protocol Type Exploit/Other
Affected asset / contract MYC
Official Website mycelium.xyz/
Protocol Twitter/X @mycelium_xyz?

Evidence & learning

Sources and on-chain records

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