According to Odaily, Minterest has provided an update on a recent security incident that occurred on July 14 on the Mantle network. The incident did not affect the protocols on the Ethereum and Taiko networks. The team is actively addressing the issue and implementing measures to enhance platform security. The vulnerability targeted the USDY token smart contract, while other token market smart contracts on Minterest were not impacted. During the incident, a total of $1.4 million in mETH and WETH was stolen.
The team has taken several steps in response to the incident, including suspending platform operations, contacting exchanges to flag wallet addresses, collaborating with security firms, attempting to communicate with the attacker, posting a bounty on Arkham, and conducting a security audit.
Future plans include restoring the contract status for USDY holders to pre-attack conditions, reimbursing users who were liquidated during the attack for the liquidation fees incurred, and implementing a remediation plan for WETH/mETH suppliers, which includes efforts to recover the stolen funds. Previously, it was reported that Minterest suffered a loss of $1.4 million due to a flash loan attack.