DeFi protocol mycelium_xyz exploited due to price feed issues Mycelium
Mycelium, a multi-product Web3 ecosystem, unveiled that one of its liquidity pools suffered losses due to issues with the price feed. Also, the protocol's IP address was blocked by the Binance API module.As per a statement from the team of Mycelium, today, on Jan. 7, 2023, the platform suffered from an exploit by an arbitrage bot. The bot detected a discrepancy of the Ether price on the platform and started abusing it with a large amount of liquidity.
As such, the system was unable to rebalance the price via an independent price feed. Mycelium only utilized data from Bitfinex and Coinbase as a result of the Binance outage that"was not widely communicated," the Mycelium team highlights.Once the problem was detected, the team launched an internal investigation and stopped the trading. The pool was unavailable for 2.5 hours in total, the postmortem goes.
The protocol decided to implement stronger monitoring of feeds, enhanced alerts and faster communication in order to prevent such incidents from happening again.
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