Post the LUNA 2.0 Launch, a User Exploits Anchor Protocol Bug to Cash In $800,000

Vignesh Karunanidhi
Post the LUNA 2.0 Launch, a User Exploits Anchor Protocol Bug to Cash In $800,000
Source: NextBigWhat

Anchor Protocol bug allows a user to cash in the opportunity to make a quick $800,000 before the team fixed the issue. Following the launch of LUNA 2.0, the bug turned out as a lucky charm for the user who was able to make some quick bucks.

The terra ecosystem went through the most challenging month since its creation. The depeg of UST followed up with the fall of LUNA, causing the empire to crumble into pieces. The team came up with the revival plan with the launch of LUNA 2.0, which went live on Friday.

Some consider it might be a point of revival for LUNA; others consider it another trap that the investors should stay away from. But the launch seems to have emerged as a money-making opportunity for a user.

Source: The VR Soldier

Anchor Protocol made the user an easy $800,000

The entire scenario was made use of by the user when the price oracle of LUNC (Luna Classic) touched $5, although the coin is not worth anything close to it. One of Anchor’s platform users discovered the flaw and deposited about 20 million Lido Bonded Luna tokens, which the platform mistakenly valued at $100 million.

Even though the deposited funds should be worth only $200,000, the user noticed the bug and took a loan of 40 million UST. The user then withdrew the UST for a whopping $800,000.

The bug was slowly noticed by other users who also tried to get their hands on the opportunity. But the team was quick enough to identify the exploit and resolve the issue. The users who tried to utilize the exploit immediately faced an error.

LUNA 2.0 didn’t display the best performance post the launch. Immediately after it launched, it plummeted to $3.63 from a high of $19.54. Only time will tell how the new LUNA coin will turn out to be.