Ionic Money
Last changed 2026-10-10 · Score recalculated — Rescored under Scoring v2, the published formula (avoid.net/scoring): 14 → 48. Problems weighed by who is responsible: incidents the subject suffered −20, concerns that are not fraud −12.4, problems around the subject, caused by others −0.8; legitimacy credit long-running +6; the penalty for incidents it suffered is capped at 20; 1 section(s) set aside until a failed fact-check is resolved; fact-check adjustments (−8) now shown as page reliability, not in the score. Version history →
Why this score
| Every page starts at | 65 |
| Concerns that are not fraud | -12.4 |
| Incidents it suffered (e.g. hacks) | -20 |
| Problems around it, caused by others | -0.8 |
| Long-running | +6 |
| Sum | 38 |
- The penalty for incidents it suffered is capped at 20 points.
- 1 section set aside: the claims did not hold up in a fact-check, pending correction.
Score: 48/100 (kept between 0 and 100)
How scoring works →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
15 entities · 60 linked investigations- Ethereum→mentioned with→Bitcoin(60%)
- Compound V2→mentioned with→Uniswap(60%)
- Compound V2→mentioned with→Balancer(60%)
- Compound V2→mentioned with→Ethereum(80%)
- Compound V2→mentioned with→ZachXBT(70%)
- Midas Capital→mentioned with→Polygon(60%)
- Midas Capital→mentioned with→Ethereum(60%)
- Midas Capital→mentioned with→Binance(60%)
- Midas Capital→mentioned with→ZachXBT(70%)
- Ionic Money→mentioned with→Balancer(70%)
- + 48 more
Timeline(10 events)
November 2021
Midas Capital protocol initiated by anonymous team on Polygon and BNB Chain as a multi-chain isolated lending market.
Ionic Protocol Introduction — Medium16 January 2023
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 — BeinCrypto17 June 2023
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 — BeinCrypto22 March 2024
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 — X24 April 2024
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 Block12 December 2024
Alleged attacker begins interacting with Ionic Money platform, initiating multi-week impersonation of Lombard Finance team members.
Explained: The Ionic Money Hack — Halborn9 January 2025
Attacker deploys counterfeit LBTC token contract (0x964dd444e3192f636322229080a576077b06fba3) on Mode Network.
Explained: The Ionic Money Hack — Halborn4 February 2025
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 News4 February 2025
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 X4 February 2025
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
- slot 455363691 · hash 8vqXfRv96sqsNPJ5xNt7EFJHd6TWQmu4afSVbXBd3DLA
- slot 445506068 · hash CbUA3hpiuZdRGkgxwNF1jB9xbABvtitpukf6fxXDXX3a
- slot 424313961 · hash An5BgTsiGXQp8zgf5rV6MKXsYrDLhQ3pbUvxckE7e9hV
- slot 424313958 · hash Dhi1bE81nHLTrhDjfC8fpoYEWvXLXpjyMhkmkjwMLBsH
- slot 423640286 · hash 5Cihsvbmc1bbFCiqEb53btwZ6kFD7hMVvJdbJSFH2ZNe
This investigation is cryptographically anchored to the Solana blockchain (5 decisions). 12 of 18 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 6/1/2026, 5:48:07 PM
last updated: 10/10/2026, 6:43:27 PM
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