Makina Finance Exploit Leads to $4.2 Million Loss in DeFi Attack

In Brief

• Makina Finance loses $4.2M after exploit targets its CurveStable pool.
• Stolen ETH held in two wallets, with a hacker using MEV builder for concealment.
• Makina Finance has not updated users on recovery or impact of the hack.

Makina Finance has suffered a significant exploit, resulting in a loss of approximately 1,299 ETH, valued at around $4.2 million. 

The attack, as reported by PeckShieldAlert, targeted the platform’s DUSD/USDC CurveStable pool and drained the funds, triggering concerns over security within the decentralized finance (DeFi) sector.

The Exploit and Hacker’s Movement

According to PeckShieldAlert, the hacker exploited the Makina Finance platform for around 1,299 ETH, which was worth roughly $4.13 million. After draining the funds, the stolen ETH was routed through a MEV builder address (0xa6c2…), helping to obscure the transaction trail. 

The stolen funds are currently held in two wallets: 0xbed2…dE25, which contains around $3.3 million, and 0x573d…910e, holding approximately $880K.

As of now, Makina Finance has not provided an official update regarding the hack. The lack of communication from the platform has left users uncertain about the full impact of the attack. 

Investigators are monitoring wallet activity closely, looking for any movement or signs of the stolen funds being sent to exchanges.

ETH Market Struggles and Potential for Rebound Amid Uncertainty

The uncertainty surrounding the Makina Finance exploit comes at a time when Ethereum (ETH) has recently lost its key $3,200 support level. Analysts suggest the next support zone for ETH lies between $3,000 and $3,050, where a potential rebound may occur. According to TedPillows, ETH may retest these levels soon, given the current market conditions.

Despite the downward pressure, optimism remains that Ethereum could bounce back if buyers step in and stabilize the price at these support levels. 

The broader market sentiment continues to be cautious, mirroring the uncertainty seen in decentralized finance platforms like Makina Finance. Ethereum’s price movements will likely continue to be influenced by external factors, as global risks and security breaches impact investor confidence across the crypto space