MakinaFi Suffers $4.1 Million Loss in Ethereum Breach Linked to MEV Execution
A breach in MakinaFi’s decentralized finance platform resulted in the theft of 1,299 ETH, valued at approximately $4.1 million, due to MEV-style execution vulnerabilities.
ETH
USDC
Summary
MakinaFi, a decentralized finance protocol, has reported a loss of 1,299 ETH (~$4.1 million) due to a breach linked to MEV-style execution. The stolen funds were divided across two wallets, which are currently being monitored. This follows an earlier exploit involving Ethereum-based vulnerabilities leading to a $5.1 million USDC theft in January.
Terms & Concepts
- MEV: Miner Extractable Value (MEV) refers to profits miners or validators can make by reordering, including, or excluding transactions within a block they mine or validate, often affecting decentralized finance protocols.
- ETH: Ether (ETH) is the native cryptocurrency of the Ethereum blockchain, used to pay for transaction fees and computational services on the network.