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The Morpho PAXG/USDC market, a tokenized gold trading platform by MorphoLabs, suffered a $230,000 loss in 2024 due to a misconfigured price oracle. The oracle, which used a Pyth feed, incorrectly priced gold at $2.6 trillion USD. This error was attributed to the market's Risk Curator, who improperly set up the pool's decimal places. As a result, one user exploited the vulnerability, converting $350 of PAXG into $230,000 of USDC. The incident underscores the significant risks posed by incorrect parameter settings in decentralized finance (DeFi) markets.
👀 One cunning @MorphoLabs user took advantage of an oracle misconfiguration to turn $350 of PAXG into $230,000 of USDC. The incident was enabled by the market curator incorrectly setting up the pool's decimal places 💰 Read More: https://t.co/cwENb01M6y
14th Oct Issue: Morpho Permissionless PAXG Oracle Exploited Led to 230K Loss Launch: Unichain Testnet Live Airdrop: Taiko Season 1 Airdrop Claims And more... Click for details, subscribe to stay up to date: https://t.co/PXlKxWGIz3
A price oracle exploit in 2024, yikes The lending market on Morpho used a Pyth feed but was misconfigured by the market’s curator, leading to a $230K loss https://t.co/bATzllLn90 https://t.co/ei6GNn85Rx
