Ionic Money
Summary
Ionic Money is a decentralized money market protocol operating on Mode Network (an OP Superchain L2), rebranded from Midas Capital after two exploits on that predecessor protocol in 2023. In February 2025, Ionic Money suffered a social engineering attack in which attackers impersonating the Lombard Finance team convinced the protocol to list a counterfeit LBTC token as collateral, resulting in approximately $8.6–8.8 million in losses. The protocol and its affiliated ecosystem protocols on Mode Network absorbed significant bad debt, with no confirmed user compensation as of mid-2025.
Connected Entities
1 entities · 10 linked investigationsTimeline(10 events)
2021-11-01
Midas Capital protocol initiated by anonymous team on Polygon and BNB Chain as a multi-chain isolated lending market.
Ionic Protocol Introduction — Medium2023-01-16
Midas Capital Jarvis Polygon pool exploited via flash loan read-only reentrancy on WMATIC-stMATIC Curve LP collateral; approximately $660,000 lost.
Midas Capital Suffers $660,000 Flash Loan Attack — BeinCrypto2023-06-17
Midas Capital BNB Chain isolated pool exploited via rounding error in Compound V2 fork codebase; approximately $600,000 lost.
Midas Capital Pool Exploited for $600k — BeinCrypto2024-03-22
Ionic Money (rebranded from Midas Capital) announces Renzo Protocol's ezETH as the first LRT collateral on Mode Network, using RedStone oracle price feeds.
RedStone announces Ionic Money ezETH support — X2024-04-24
Renzo Protocol's ezETH depegs approximately 18% on Uniswap following controversial REZ tokenomics announcement; over $60M in liquidations across DeFi platforms. No confirmed material bad debt attributed to Ionic specifically.
Renzo's ezETH depegs 18.3% — The Block2024-12-12
Alleged attacker begins interacting with Ionic Money platform, initiating multi-week impersonation of Lombard Finance team members.
Explained: The Ionic Money Hack — Halborn2025-01-09
Attacker deploys counterfeit LBTC token contract (0x964dd444e3192f636322229080a576077b06fba3) on Mode Network.
Explained: The Ionic Money Hack — Halborn2025-02-04
Ionic Money exploit executed: 250 counterfeit LBTC tokens used as collateral to borrow approximately $8.6–8.8M in real assets including MBTC, uniBTC, wrsETH, WETH, and STONE. Approximately 1,204 ETH bridged to Ethereum and routed through Tornado Cash.
Ionic Money — Rekt News2025-02-04
ZachXBT publicly notes that Ionic is a rebrand of Midas Capital, which was exploited twice in 2023, and states he previously confronted the team about this via private messages.
ZachXBT on X2025-02-04
Ionic Money team acknowledges exploit, states the attack was a social engineering incident rather than a smart contract vulnerability, and suspends platform interaction pending investigation.
Explained: The Ionic Money Hack — HalbornDecision Log
- hash: 5Cihsvbmc1bbFCiqEb53btwZ6kFD7hMVvJdbJSFH2ZNe
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-6
generated: 6/1/2026, 5:48:07 PM
last updated: 6/1/2026, 5:48:11 PM
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