Odaily News On-chain data shows that the Ionic attack on Mode caused losses of $8.6 million.
Chain detective ZachXBT said on this matter: Ionic's predecessor was the Midas protocol. Midas suffered two hacker attacks in 2023, but the old audit report of Midas from 2022 was used when the Ionic project was launched.
In this regard, ZachXBT once sent a private message to the team questioning the security of Ionic's contract. The team stated that their code base was based on the Compound fork, and the vulnerability in Midas was due to a known vulnerability in the Compound code. These problems have been fixed by implementing measures such as whitelisting and reentrancy attack circuit breakers in the new pool, emphasizing that Ionic is very safe.
Odaily previously reported that the Mode-based Ionic platform was hacked, and hackers used unofficial fake LBTC (Lombard BTC) as collateral for lending on the Ionic platform. The team is investigating, and Odaily reminds users not to interact with it.