Synthetix suffers an oracle attack that lost roughly $37 million

Synthetix ($SNX), a synthetic asset issuance platform built on Ethereum, experienced an oracle attack which netted the attacker over 37 million sETH, according to estimates from Etherscan. In a statement made in the Synthetix Discord channel, CEO and Co-Founder Kain Warwick noted:

"There has been an incident with the price feed of sKRW, we are currently investigating the root cause, but during the time when the price feed was returning the wrong value we believe an automated arb bot converted into sKRW and then into sETH."

Warwick said that he believes this was done automatically by an arbitrage bot, and asked for the owner of the bot to contact Synthetix to help resolve the issue, offering a bug bounty as a reward. According to its Discord channel, the Synthetix team has complete control over its smart contracts, and until the issue is resolved has disabled transfers within the system.

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