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Ionic Money has confirmed a serious security breach on Mode Network, with estimated losses exceeding $8.6 million. The attacker exploited the system by minting 250 LBTC tokens, which were then used to borrow multiple tokens. The stolen funds have reportedly been bridged to the Ethereum network and laundered through Tornado Cash. This incident highlights the critical need for robust security measures in decentralized finance (DeFi) protocols. Experts emphasize the importance of implementing layered security strategies, such as Aave's 'Onion Security,' to protect against such vulnerabilities.
The @ionicmoney exploit on @modenetwork is yet another reminder of why protocols need robust, well-structured security processes. A great example is @aave’s “Onion Security” strategy, which includes multiple defense layers, including security processes enforced by top teams like… https://t.co/u0eelLKjzG
The @ionicmoney exploit on @modenetwork is yet another reminder of why protocols need robust, well-structured security processes. A great example is @aave's "Onion Security" strategy, which includes multiple layers of defense, including security processes enforced by top teams… https://t.co/lsBc0QhY4k
The @ionicmoney exploit on @modenetwork is yet another reminder of why protocols need robust, well-structured security processes. A great example is @AaveLabs’ "Onion Security" strategy, which includes multiple layers of defense, including security processes enforced by top… https://t.co/d3aC9fZvNc
