Chaos Labs founder Omer tweeted that the PAXG/USDC market on Morpho lost about $230,000 due to an oracle misconfiguration. Specifically, Oracle on Morpho SCALE_FACTOR misconfigured and failed to account for the difference between USDC (6 decimal places) and PAXG (18 decimal places), which caused the PAXG price to inflate by 12 digits, and security monitoring may focus on the reference price rather than the calculated oracle price.
Eventually the attacker deposited $350 in PAXG and loaned $230,000 worth of USDC.
Morpho loses about $230,000 due to oracle misconfiguration
2024-10-14 02:35:46
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