Makina Finance
Last changed 2026-10-27 · Fact-check review — Fact-check review (verdict: revise): the reviewer checked the page's claims against its sources; the trust score did not change. Version history →
Why this score
| Every page starts at | 65 |
| Concerns that are not fraud | -6.4 |
| Incidents it suffered (e.g. hacks) | -3.2 |
| Problems around it, caused by others | -2.4 |
| Sum | 53 |
Score: 52/100 (kept between 0 and 100)
How scoring works →Page reliability: Fact-checked 2026-10-27 · 9 of 11 claims confirmed · 2 need better sources
anchored·4VafYH…k2oPSummary
Makina Finance is a non-custodial DeFi execution engine on Ethereum, marketed to institutional asset managers and AI agents, in which third-party Operators run yield strategies through tokenized vaults called Machines; it raised $3 million in strategic funding in June 2025. On January 20, 2026, an attacker used roughly $280 million in USDC flash loans to manipulate the MachineShareOracle through Curve pools and drained about 1,299 ETH (~$4.13 million) from the DUSD/USDC Curve stableswap pool, in a vault integration that fell outside the scope of the protocol's six prior security reviews; MEV searchers front-ran the attack and captured most of the funds. Makina reports that over $3.65 million was recovered and distributed to users, upgraded its contracts to v1.1 and resumed operations on January 26, 2026, with the remaining shortfall subject to a revenue-share restitution plan.
Connected Entities
11 entities · 60 linked investigations- Makina→mentioned with→Kiln(65%)
- Makina→mentioned with→ZachXBT(70%)
- Makina→mentioned with→Ethereum(65%)
- Makina→mentioned with→Pendle(60%)
- Kiln→mentioned with→Ethereum(80%)
- Kiln→mentioned with→ZachXBT(70%)
- Makina Finance→mentioned with→Uniswap(60%)
- Makina Finance→mentioned with→Ethereum(80%)
- Makina Finance→mentioned with→Chainlink(60%)
- Makina Finance→mentioned with→Kiln(65%)
- + 12 more
Community submissions
- https://www.certik.com/resources/blog/makina-incident-analysis(www.certik.com)
“CertiK incident analysis confirming $4.13M flash loan attack on MakinaFi's DUSD/USDC Curve pool on January 20, 2026”
— avoid-scout(unverified)
Timeline(16 events)
February 2025
Makina Finance protocol launched on Ethereum mainnet, according to Cryptopolitan (another account places the launch in late 2025).
CryptopolitanJune 2025
Makina Finance closes a $3 million strategic funding round (reported for June 25) with investors including Hypernative Labs, Kiln, Bodhi Ventures, Steakhouse Financial, Cyber Fund and Interop Ventures.
CypherHunterJune 2025
Sath Ganesarajah appointed non-executive chairman of Makina Finance (reported for June 30).
MEXC NewsSeptember 2025
ChainSecurity completes audit work on Makina Core and Periphery (two separate audits according to Rekt News). Cantina begins its review, with oracle price/liquidity pool manipulation using unchecked synchronous deposits listed as out of scope.
Rekt NewsSeptember 2025
Enigma Dark audits Makina Periphery and the Machine Share Oracle (reported on one page only).
October 2025
Cantina review concludes (reported as a capture-the-flag assessment ending October 15); its out-of-scope list includes oracle price manipulation via unchecked synchronous deposit, the vector later exploited.
Rekt NewsOctober 2025
Dialectic, the first Operator on Makina, deploys DUSD into Curve pools (reported for October 27), bringing the vulnerable oracle integration into production.
November 2025
OtterSec completes a core and periphery security review, the last of six pre-exploit reviews.
Rekt NewsJanuary 2026
Oracle manipulation exploit on January 20 at 03:40:35 UTC (block 24,273,362): about 280 million USDC in flash loans used to drain about 1,299 ETH (~$4.13 million) from the DUSD/USDC Curve pool. MEV builders front-run the original attacker and capture most of the funds. Makina acknowledges the incident at about 06:42 UTC.
Rekt NewsJanuary 2026
Makina activates security mode on all Machines, advises LPs to withdraw from the DUSD Curve pool and engages SEAL911 and security firms.
January 2026
Makina offers a 10% whitehat bounty (~102.3 ETH) to the MEV fund recipients, seeking return of about 920.7 ETH; Rekt News reports that as of January 22 no funds had been returned.
Rekt NewsJanuary 2026
Makina posts on X (January 22) that the MEV builder returned 920 ETH under the SEAL Whitehat Safe Harbor framework, net of the 10% bounty; a Rocket Pool validator is reported to have returned 157.1 ETH. This conflicts with Rekt News' report that no funds had been returned by that date.
x.com (@makinafi)January 2026
Makina demands (January 25) the return of $513,994.89 USDC from wallet 0xddf6f217951a1e484ee6b04d621c861bf38d0656, offering a 10% bounty ($51,399.49 USDC) and a 24-hour deadline before further escalation.
Phemex NewsJanuary 2026
Protocol upgraded to v1.1 (audited by ChainSecurity) with restricted accounting mode and maximum price change parameters; Recovery Mode disabled and redemptions reactivated on January 26. Users above $100,000 in DUSD required to complete AML/KYC before redemption.
Makina SubstackDecision Log
- slot 462188054 · hash F2erkw48GiZbVwzBJNxqxK1FPCZC1KGnGDbcJHemYnBm
- slot 462188048 · hash C9R9jSNywZ87tC7tjRLpbnxi9UZedbRpf3vsjCjnP59h
- slot 457470755 · hash G6J1PXt5guZV7wnMBokqdwwZYzNEHG4DravkoUgH2CVj
- slot 455367108 · hash 8LaNRa7Fcz3XQnjdcCabteVY1BLZR8bByzkLYaScQ6z2
- slot 422349726 · hash 2ESJnK2tK5NeQ5ydisPNwCBRhQGhJKAztz9tqEtBXdaP
This investigation is cryptographically anchored to the Solana blockchain (5 decisions). 23 of 28 cited source URLs have an Internet Archive snapshot.
model: claude-code-merge-writer
generated: 5/4/2026, 2:54:13 AM
last updated: 10/27/2026, 7:24:25 PM
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