Ionic suffered losses of up to $8.6 million in the attack, and its predecessor Midasprotocol was attacked twice.

Odaily Planet Daily News on-chain data shows that Ionic on Mode has been attacked with losses reaching 8.6 million US dollars. On-chain detective ZachXBT said: Ionic is the predecessor of the Midas protocol, which was hacked twice in 2023. However, when the Ionic project went live, it used the outdated 2022 Midas audit report. ZachXBT once privately messaged the team to question the contract security of Ionic. The team stated that their codebase is based on a fork of Compound, and the vulnerabilities in Midas were due to known vulnerabilities in the Compound code. These issues have been addressed through measures such as implementing whitelists and reentrancy attack circuit breakers in the new pool, emphasizing that Ionic is very secure. Odaily previously reported that the Ion­ic platform based on Mode was hacked, and the hackers used unofficial fake LBTC (Lom­bard BTC) as collateral for lending on the Ion­ic platform. The team is investigating, and O­daily reminds users not to interact with it.