MadHoney Incident & Recovery Plan
Our white-label partner @Madhoneyfi got attacked through a price manipulation attack on a low-liquidity perpetual, extracting funds (~$270k) from the pool. The attack has been successful, because the attackers have been able to manipulate the spot price over multiple hours.
Low-liquidity perps have been paused. Rest assured that exchange itself has not been compromised and that it is 100% safe to interact with the MadHoney frontend.
Our recovery plan:
1/ As an immediate action, we are allocating our $Bera Treasury to affected LPs, so that they recover a portion of their balance.
2/ We identified the attacking wallets and are working with security partners to recover compromised funds with the goal of making affected LPs whole.
Our team is working tirelessly with MadHoney to fully investigate what happened - we will continue to provide more information.
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