CandleFocus Tokenized gold market on Morpho loses $230K after Oracle misconfiguration mishap
2024-10-14
Author: Content Editor
The Paxos tokenized gold (PAXG) market on DeFi protocol Morpho Protocol experienced an exploit resulting in a $230,000 loss. The incident was caused by a mistake during the setup of the Oracle pricing, and an Oracle misconfiguration. The exploit was spotted by the attacker, who sent $350 worth of PAXG to the market and withdrew $230,000 in USDC. The incident highlighted the need for precision and real-time risk monitoring when setting up lending markets. Morpho Labs, the protocol developer, stated that the incident was not due to a security issue on its platform but rather mistakes made by the risk curator. Some users believe the Oracle provider is responsible and have called for the use of Chainlink for all price feeds. Despite the incident, some experts believe losses are an inherent part of lending systems, and the underlying DeFi protocols worked correctly.
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