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ID:

midas-capital-1415

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Date:

Status:

Incident Count:

January 15, 2023

Verified

1

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REKT

Contributor:

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web3rekt.com

KYC By:

KYC:

None

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50 pts

Audit By:

Audits:

None

Loss Amount:

654,000

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Recovered:

-

Rewards:

Ticker:

USD, MATIC

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100 pts each

Midas Capital is a cross-chain money market solution that unlocks and maximizes the usage of all digital assets and makes them work for you.

Midas Capital has suspended Jarvis Network's Polygon pool https://app.midascapital.xyz/137/pool/1 due to suspicious transaction involving a recently added collateral token. According to Jarvis Network, Midas recently added a new collateral type stMATIC-wMATIC Curve LP token, which seems to have been inflated to borrow jEUR, jCHF and jGBP, as well as agEUR, and swap all of them on KyberNetwork for $MATIC.

The loan gain are caused by re-entry and price manipulations for jFIAT tokens. During the native token WMATIC send, attacker use the re-entry opportunity to borrow more. Attacker spend 270K WMATIC used as collateral, minted 131k jFIAT token. After price change back and force, attacker then created another contract and use 1/10 borrowed amount to liquidate the debt and redeem back 103k jFIAT token.

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