Makina exploit analysis
Makina priced its collateral against a thin Curve pool that the attacker moved via flash-loan, and the lending market's `borrow` walked the inflated balance out. DeFiHackLabs reconstructs about $5.1M drained.
- Reported loss
- 5.1M USD, per DeFiHackLabs
- Occurred
- Logged
- Source
- DeFiHackLabs
Logged as “2026-01-20: Price Oracle Manipulation on Makina”.
Analysis1 min read
Makina's collateral price was read against a thin Curve pool that the attacker flash-loaned and manipulated. A flash trade moved the pool's spot, the lending market's borrow read the inflated price, and the attacker walked the borrowed balance out.
DeFiHackLabs reconstructs the sequence against the live Ethereum state; [the drain is in 0x.../ via the link reference]. Total loss is approximately $5.1M. The mechanism was a low-liquidity Curve pool acting as the price oracle.
What would have prevented it: a TWAP-protected oracle with a minimum update window, or a borrow that bounds the borrow against a utilisation cap that is not affected by oracle volatility.
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Updated 14 Oct 2026. Figures are as reported by the sources listed above and are not independently verified.
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