{"investigation":{"slug":"mirror","entity_name":"Mirror Protocol","trust_score":5,"severity_base":null,"score_modifier":0,"confidence":0.92,"status":"published","content_type":"investigation","summary":"Mirror Protocol was a Terra-based DeFi platform enabling synthetic assets (mAssets) that tracked prices of US stocks. The protocol suffered a $90 million exploit in October 2021 that went undetected for seven months, a governance attack campaign in December 2021 targeting $40 million in community funds, and a second $2 million oracle exploit in May 2022. It became permanently inactive in August 2022 following the catastrophic collapse of the Terra/LUNA/UST ecosystem, which was orchestrated by its parent company Terraform Labs under Do Kwon, who was subsequently convicted of fraud and sentenced to 15 years in prison.","sections":[{"content":"Mirror Protocol was launched in late 2020 by Terraform Labs, the company co-founded by Do Kwon and Daniel Shin. It operated on the Terra blockchain and allowed users to mint and trade synthetic assets called mAssets — tokens that tracked the prices of real-world stocks and ETFs such as Apple (mAAPL), Tesla (mTSLA), and others. The protocol used UST (TerraUSD), Terra's algorithmic stablecoin, as its primary collateral base. Users could deposit collateral exceeding 150% of an mAsset's value to mint synthetic shares. The MIR token served as Mirror's governance token, giving holders voting rights over protocol parameters and community pool disbursements. At peak in 2021, Mirror Protocol crossed $2 billion in total value locked (TVL), making it one of the larger DeFi protocols on Terra.","heading":"Overview and Background","sources":[{"url":"https://www.gemini.com/cryptopedia/mirror-protocol-mir-token-masset-mirror-finance","name":"gemini.com","type":"other","credibility":3},{"url":"https://defiprime.com/mirror-protocol","name":"defiprime.com","type":"other","credibility":3},{"url":"https://www.gate.com/learn/articles/mirror-protocol-development-and-crisis/804","name":"gate.com","type":"other","credibility":3}],"severity":"medium"},{"content":"On or around October 8, 2021, an attacker exploited a critical vulnerability in Mirror Protocol's lock contract, ultimately draining approximately $90 million from the protocol over a sustained period. The exploit went entirely undetected for approximately seven months.\n\nThe technical mechanism exploited a missing duplicate-ID check in the unlock function of Mirror's collateral lock contract. Under normal operation, users would lock collateral when opening short positions, and could unlock it after a 14-day holding period by calling the unlock_position_funds function with their position ID. The lock contract, however, contained no validation that a given position ID had already been used to unlock funds. This allowed an attacker to submit the same position ID repeatedly in a single transaction.\n\nIn one documented transaction, the attacker called the unlock function 437 times using position ID 43186, unlocking approximately 43.7 million USTC — vastly exceeding the actual deposited amount. The attacker also pre-deposited 100,000 USTC directly to the lock contract to manipulate balance calculations and inflate the reported locked amount. The full exploit was repeated across multiple positions, with the total amount drained reaching approximately $89,706,164.\n\nThe vulnerability was silently patched on May 14, 2022, with no public announcement, no disclosure to affected users, and no mention of the $90 million loss it had produced. Community members investigating the code change flagged the suspicious silent fix. Terra community analyst FatManTerra published details of the exploit on May 27, 2022, prompting public scrutiny. Blockchain security firm BlockSec subsequently confirmed the attack and formally criticized the Mirror team's handling of the incident, stating: 'Silently patching a vulnerability which has already been exploited in the wild is not a good security practice.' The funds were never recovered.","heading":"The $90 Million Lock Contract Exploit (October 2021 — Discovered May 2022)","sources":[{"url":"https://rekt.news/mirror-rekt","name":"rekt.news","type":"other","credibility":3},{"url":"https://blocksecteam.medium.com/how-the-mirror-protocol-is-exploited-33b5c1d48322","name":"blocksecteam.medium.com","type":"other","credibility":3},{"url":"https://therecord.media/mirror-protocol-suffers-2-million-exploit-after-90-million-stolen-in-october","name":"therecord.media","type":"other","credibility":3},{"url":"https://www.theblock.co/post/149361/mirror-protocol-suffers-new-exploit-and-could-be-drained-in-hours","name":"theblock.co","type":"other","credibility":3},{"url":"https://crypto-radars.com/2022/05/31/a-90-million-defi-exploit-on-terra-went-unnoticed-for-seven-months/","name":"crypto-radars.com","type":"other","credibility":3}],"severity":"medium"},{"content":"In December 2021, Mirror Protocol's on-chain governance system became the target of a coordinated attack campaign. An unknown attacker submitted multiple fraudulent governance proposals — identified by the Mirror team as polls 185, 198, 204, 206, 207, and 208 — each designed to transfer significant quantities of MIR tokens from the community pool to the attacker's wallet address. The sum total of MIR tokens targeted across all malicious proposals was alleged to be approximately $40 million, representing roughly one-third of the community pool at the time.\n\nThe most prominent malicious proposal was Poll 211, deceptively titled 'Freeze the community pool in case of scam,' which, if passed, would have transferred 25 million MIR tokens (valued at approximately $64.2 million at the time) to the attacker's address. The attacker flooded the governance interface with additional fake proposals to obscure the malicious ones and timed the attack to coincide with the Christmas and New Year holiday period to minimize community vigilance.\n\nMirror Protocol's team identified the attack and issued an emergency community warning through Poll 212, titled 'Poll 211 sending 25,000,000 MIR to itself. VOTE NO to any poll sending community funds out.' The community responded by voting against the malicious proposals, and no funds were ultimately stolen in this incident. However, the episode revealed significant vulnerabilities in Mirror's governance design, including the low cost of submitting proposals and minimal safeguards against spam or malicious submissions.","heading":"Governance Attack Campaign (December 2021)","sources":[{"url":"https://cointelegraph.com/news/terra-s-mirror-protocol-warns-community-against-governance-attack","name":"cointelegraph.com","type":"other","credibility":3},{"url":"https://www.quadrigainitiative.com/casestudy/mirrorprotocolgovernanceattack.php","name":"quadrigainitiative.com","type":"other","credibility":3},{"url":"https://www.web3isgoinggreat.com/?id=attempted-governance-attack-on-terras-mirror-protocol","name":"web3isgoinggreat.com","type":"other","credibility":3},{"url":"https://coincodecap.com/mirror-protocol-on-terra-under-a-governance-attack","name":"coincodecap.com","type":"other","credibility":3}],"severity":"medium"},{"content":"On approximately May 28–30, 2022, Mirror Protocol suffered a second exploit driven by a price oracle misconfiguration in the aftermath of the Terra ecosystem collapse. Following the LUNA/UST crash in mid-May 2022, Terra Classic validators were running outdated oracle software that mispriced LUNC (Luna Classic), reporting its value at approximately $0.10 (five USTC) rather than its actual collapsed value of roughly $0.0001.\n\nThis pricing disparity allowed an attacker to purchase deeply devalued LUNC at market price, deposit it as collateral into Mirror Protocol at the inflated oracle price, and then borrow against the inflated collateral value — effectively obtaining loans worth orders of magnitude more than the actual collateral deposited. Reports indicated the attacker could take out more than $1 million in loans using only $1,000 in actual collateral.\n\nThe mBTC, mETH, mDOT, and mGLXY synthetic asset pools were drained. Over $2 million was extracted before administrators disabled the affected assets as collateral. The oracle mismatch was corrected over the subsequent weekend. Analyst FatManTerra warned at the time that if unaddressed, 'all liquidity pools will be drained, Mirror will accrue irremediable bad debt, and the system will collapse.' The Mirror development team was characterized in contemporaneous reports as unresponsive and absent during the crisis.","heading":"Second Exploit: Oracle Misconfiguration (May 2022)","sources":[{"url":"https://www.coindesk.com/business/2022/05/30/terras-mirror-protocol-allegedly-suffers-new-exploit","name":"coindesk.com","type":"other","credibility":3},{"url":"https://therecord.media/mirror-protocol-suffers-2-million-exploit-after-90-million-stolen-in-october","name":"therecord.media","type":"other","credibility":3},{"url":"https://coingeek.com/terra-mirror-protocol-allegedly-suffered-second-exploit-and-on-verge-of-collapse-analyst-says/","name":"coingeek.com","type":"other","credibility":3},{"url":"https://cryptoslate.com/more-bad-news-for-terra-as-fresh-allegations-emerge-about-mirror-protocol/","name":"cryptoslate.com","type":"other","credibility":3}],"severity":"medium"},{"content":"Mirror Protocol's mAsset model — creating synthetic tokens that tracked prices of US-listed securities — attracted attention from the U.S. Securities and Exchange Commission (SEC). On May 7, 2021, the SEC opened an investigation into whether Terraform Labs was violating federal securities laws by allowing synthetic stocks to be minted and sold to U.S. investors without registration.\n\nOn September 17, 2021, the SEC issued subpoenas to both Terraform Labs and Do Kwon personally. Kwon was served at the Messari Mainnet 2021 conference in New York City on September 20, 2021. The SEC alleged that Terraform Labs and Kwon participated in the creation, promotion, and sale of mAssets and MIR tokens to U.S. investors without registration, potentially violating federal securities laws by offering unregistered securities and acting as an unlicensed securities broker.\n\nTerraform Labs and Kwon challenged the subpoenas, arguing jurisdictional defects in their service. A U.S. appeals court overruled Kwon's objections on June 8, 2022, ordering both Kwon and Terraform Labs to comply with the SEC investigation. This enforcement action preceded the broader SEC case against Terraform Labs related to the UST/LUNA collapse, which ultimately resulted in a major judgment.","heading":"SEC Regulatory Action and Securities Law Concerns","sources":[{"url":"https://www.sec.gov/enforcement-litigation/litigation-releases/lr-25262","name":"sec.gov","type":"other","credibility":3},{"url":"https://decrypt.co/102451/do-kwon-appeal-overruled-must-comply-sec-investigation-mirror-protocol","name":"decrypt.co","type":"other","credibility":3},{"url":"https://www.crowdfundinsider.com/2021/11/182857-sec-targets-asian-crypto-firm-terraform-labs-and-its-mirror-protocol-that-replicates-us-securities/","name":"crowdfundinsider.com","type":"other","credibility":3},{"url":"https://news.bitcoin.com/sec-files-action-against-terraform-labs-ceo-do-kwon-regarding-mirror-protocol/","name":"news.bitcoin.com","type":"other","credibility":3},{"url":"https://blockworks.co/news/terraform-labs-and-do-kwon-ordered-to-comply-with-sec-subpoena","name":"blockworks.co","type":"other","credibility":3}],"severity":"medium"},{"content":"Mirror Protocol's architecture made it existentially dependent on the Terra ecosystem. All mAsset collateral was denominated in UST, Terra's algorithmic stablecoin, meaning that any failure of UST's dollar peg would render the entire collateral base worthless.\n\nOn May 7, 2022, UST began losing its dollar peg following large withdrawals from Anchor Protocol and coordinated sell pressure on exchanges. Within days, UST had fallen to approximately $0.10 and LUNA had collapsed from an all-time high of $119.51 to nearly zero. The Terra blockchain itself was halted on May 12, 2022. The collapse wiped out approximately $45 billion in market capitalization across the Terra ecosystem.\n\nMirror Protocol became effectively insolvent as its UST collateral base evaporated. The collapse also triggered the oracle misconfiguration exploit described above. Terraform Labs announced a Terra 2.0 migration but provided no viable path forward for Mirror Protocol. Band Protocol, which had been providing price feeds essential to Mirror's oracle system, announced on August 15, 2022 that it would cease providing price feeds for Terra Classic products, citing UST's collapse and Terraform Labs' failure to respond to queries about the protocol's future. Price feed support formally ended on August 26, 2022, at which point Mirror Protocol ceased all operations permanently.","heading":"Terra/LUNA Ecosystem Collapse and Protocol Insolvency","sources":[{"url":"https://www.gate.com/learn/articles/mirror-protocol-development-and-crisis/804","name":"gate.com","type":"other","credibility":3},{"url":"https://investorplace.com/2022/05/mir-crypto-plunges-50-as-the-terra-ecosystem-drags-mirror-protocol-down/","name":"investorplace.com","type":"other","credibility":3},{"url":"https://coingeek.com/terra-mirror-protocol-allegedly-suffered-second-exploit-and-on-verge-of-collapse-analyst-says/","name":"coingeek.com","type":"other","credibility":3}],"severity":"medium"},{"content":"Do Kwon, the CEO and co-founder of Terraform Labs and the architect of Mirror Protocol, was ultimately convicted of fraud in US federal court. After the Terra ecosystem collapse in May 2022, Kwon fled South Korea and was subsequently arrested in Montenegro in March 2023 while allegedly attempting to travel on forged documents. Kwon was extradited to the United States on December 31, 2024.\n\nIn August 2025, Kwon pleaded guilty in the Southern District of New York to charges including wire fraud and conspiracy to commit securities fraud, commodities fraud, and wire fraud. On December 11, 2025, U.S. District Judge Paul A. Engelmayer sentenced Kwon to 15 years in federal prison. The judge described Kwon's crimes as 'fraud on an epic, generational scale' and rejected the government's own sentencing recommendation of 12 years as insufficiently severe. Kwon agreed to forfeit over $19 million as part of his plea agreement. Separate criminal charges remain pending in South Korea.\n\nThe DOJ's findings confirmed that from at least 2018 to 2022, Kwon orchestrated schemes to defraud purchasers of cryptocurrencies issued by Terraform, including manipulating systems to create the illusion of a functioning and decentralized financial system. Mirror Protocol was among the products created and promoted by Terraform Labs during this period.","heading":"Do Kwon Criminal Conviction","sources":[{"url":"https://www.justice.gov/usao-sdny/pr/crypto-enabled-fraudster-sentenced-orchestrating-40-billion-fraud","name":"justice.gov","type":"other","credibility":3},{"url":"https://www.bloomberg.com/news/articles/2025-12-11/do-kwon-gets-15-years-in-prison-for-40-billion-terraform-fraud","name":"bloomberg.com","type":"other","credibility":3},{"url":"https://www.cnn.com/2025/12/11/business/cryptocurrency-do-kwon-fraud-sentencing-intl-hnk","name":"cnn.com","type":"other","credibility":3},{"url":"https://www.upi.com/Top_News/US/2025/12/12/Do-Kwon-cryptocurrency-sentencing-Terraform/2001765541877","name":"upi.com","type":"other","credibility":3}],"severity":"medium"},{"content":"Mirror Protocol has been fully inactive since August 26, 2022, when Band Protocol terminated its price feed support. The protocol's website is inaccessible, its social media accounts (Twitter/X and Medium) have not been updated since August 2022, and mAssets are no longer tradeable through the original platform. The MIR token retains listings on some secondary markets but has no utility and negligible value. No development activity, governance participation, or community communication has occurred since the protocol's abandonment. There is no evidence of any restitution, recovery effort, or compensation mechanism for the approximately $90 million lost in the October 2021 exploit or the approximately $2 million lost in the May 2022 oracle exploit.","heading":"Current Status","sources":[{"url":"https://www.gate.com/learn/articles/mirror-protocol-development-and-crisis/804","name":"gate.com","type":"other","credibility":3},{"url":"https://coinmarketcap.com/currencies/mirror-protocol/","name":"coinmarketcap.com","type":"other","credibility":3},{"url":"https://www.coingecko.com/en/coins/mirror-protocol","name":"coingecko.com","type":"other","credibility":3}],"severity":"medium"}],"timeline":[{"date":"2018","event":"Do Kwon and Daniel Shin co-found Terraform Labs, the parent company of Mirror Protocol.","source":"","date_original":"2018-01-01"},{"date":"2020-12","event":"Mirror Protocol launches on the Terra blockchain, enabling synthetic stock trading via mAssets.","source":"","date_original":"2020-12-01"},{"date":"2021-05-07","event":"The SEC opens an investigation into Terraform Labs over Mirror Protocol's potential offering of unregistered securities.","source":""},{"date":"2021-06","event":"Mirror Protocol crosses $2 billion in total value locked (TVL), becoming a top-15 DeFi protocol.","source":"","date_original":"2021-06-01"},{"date":"2021-09-17","event":"The SEC issues subpoenas to Terraform Labs and Do Kwon personally regarding Mirror Protocol.","source":""},{"date":"2021-09-20","event":"Do Kwon is served the SEC subpoena at the Messari Mainnet 2021 conference in New York City.","source":""},{"date":"2021-10-08","event":"Attacker begins exploiting the lock contract duplicate-ID vulnerability in Mirror Protocol, ultimately draining approximately $90 million over subsequent months. The exploit goes undetected.","source":""},{"date":"2021-12-24","event":"A coordinated governance attack campaign is launched against Mirror Protocol, with malicious polls (IDs 185, 198, 204, 206, 207, 208) targeting approximately $40 million from the community pool. The most prominent, Poll 211, targets 25 million MIR tokens (~$64.2 million). The attack is timed to coincide with holiday periods.","source":""},{"date":"2021-12-27","event":"Mirror Protocol team issues emergency governance warning via Poll 212, alerting the community to the fraudulent proposals. The community votes to reject all malicious proposals; no funds are stolen.","source":""},{"date":"2022-05-07","event":"UST begins losing its dollar peg, triggering the Terra/LUNA ecosystem collapse.","source":""},{"date":"2022-05-12","event":"The Terra blockchain is halted. UST falls to approximately $0.10; LUNA collapses to near zero from an all-time high of $119.51. Approximately $45 billion in market capitalization is wiped out.","source":""},{"date":"2022-05-14","event":"Mirror Protocol developers silently patch the lock contract vulnerability — the entry point for the $90 million October 2021 exploit — with no public announcement or user notification.","source":""},{"date":"2022-05-27","event":"FatManTerra publishes findings on the $90 million exploit, prompting public scrutiny of Mirror Protocol's silent patch.","source":""},{"date":"2022-05-28","event":"A second exploit begins, exploiting a LUNC oracle mispricing to drain Mirror's mBTC, mETH, mDOT, and mGLXY pools. Over $2 million is extracted.","source":""},{"date":"2022-05-30","event":"The Block and CoinDesk report on both the $90 million historical exploit and the new oracle exploit. BlockSec publicly criticizes Mirror's silent patch practice.","source":""},{"date":"2022-06-08","event":"A U.S. appeals court overrules Do Kwon's challenge to the SEC subpoenas, ordering Terraform Labs and Kwon to comply with the investigation into Mirror Protocol.","source":""},{"date":"2022-08-15","event":"Band Protocol announces it will cease providing price feeds for Terra Classic products, citing the UST collapse and Mirror Protocol team's failure to respond to queries about the protocol's future.","source":""},{"date":"2022-08-26","event":"Band Protocol formally ends price feed support. Mirror Protocol ceases all operations permanently. The protocol is effectively abandoned.","source":""},{"date":"2023-03","event":"Do Kwon is arrested in Montenegro while allegedly attempting to travel on forged documents.","source":"","date_original":"2023-03-01"},{"date":"2024-12-31","event":"Do Kwon is extradited to the United States to face federal fraud charges.","source":""},{"date":"2025-08","event":"Do Kwon pleads guilty in the Southern District of New York to wire fraud and conspiracy to commit securities fraud, commodities fraud, and wire fraud.","source":"","date_original":"2025-08-01"},{"date":"2025-12-11","event":"U.S. District Judge Paul A. Engelmayer sentences Do Kwon to 15 years in federal prison, describing his crimes as 'fraud on an epic, generational scale.' 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