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Ionic Money

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[AI-DRAFTED · AWAITING VERIFICATION]

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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
Organizations
□Ionic Money
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    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 — Medium

    16 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 — BeinCrypto

    17 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 — BeinCrypto

    22 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 — X

    24 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 Block

    12 December 2024

    Alleged attacker begins interacting with Ionic Money platform, initiating multi-week impersonation of Lombard Finance team members.

    Explained: The Ionic Money Hack — Halborn

    9 January 2025

    Attacker deploys counterfeit LBTC token contract (0x964dd444e3192f636322229080a576077b06fba3) on Mode Network.

    Explained: The Ionic Money Hack — Halborn

    4 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 News

    4 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 X

    4 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 — Halborn
    Provenance & Audit Trail
    Anchored on SolanaVerify on-chain12 Wayback Archives

    Decision Log

    This investigation is cryptographically anchored to the Solana blockchain (3 events). 12 of 18 cited source URLs have an Internet Archive snapshot.

    full audit log →version history →

    model: claude-sonnet-4-6

    generated: 6/1/2026, 5:48:07 PM

    last updated: 7/26/2026, 8:02:44 AM

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