Makina Finance
Summary
Makina Finance is an Ethereum-based DeFi execution engine marketed toward institutional asset managers and AI agents that raised $3 million in strategic funding in June 2025. On January 20, 2026, the protocol suffered a $4.13 million oracle manipulation exploit in which an attacker used a $280 million USDC flash loan to distort the MachineShareOracle via Makina's DUSD/USDC Curve pool, draining 1,299 ETH. The exploit targeted three compounding design flaws — permissionless oracle update functions, synchronous spot price reads with no TWAP, and pre-approved Weiroll execution paths including price-sensitive functions — in a vault deployment that fell outside the scope of the protocol's six prior security audits.
Connected Entities
1 entities · 10 linked investigations- + 2 more
Connected Through
1 shared actor · 1 investigationDistinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.
- ⌂Makina Financeprotocolalso inMakina Finance·35
Timeline(12 events)
2025-07-01
Enigma Dark completed fuzz and invariant testing security review of Makina core contracts.
Rekt News2025-09-01
ChainSecurity completed two separate security audits. Cantina began competitive bug bounty review; oracle price/liquidity pool manipulation with unchecked synchronous deposits listed as out of scope.
Rekt News2025-06-25
Makina Finance closed a $3 million strategic funding round with investors including Hypernative Labs, Kiln, Bodhi Ventures, Steakhouse Financial, Cyber Fund, and Interop Ventures.
CypherHunter2025-11-01
OtterSec completed core and periphery security review — the final of six pre-exploit audits.
Rekt News2026-01-20
Oracle manipulation exploit executed at 03:40:35 UTC (block 24,273,362). Attacker used 280 million USDC flash loan to drain 1,299 ETH (~$4.13 million) from DUSD/USDC Curve pool. MEV builders front-ran the original attacker and captured the majority of funds. Makina acknowledged the incident at 6:42 AM UTC.
Rekt News / CertiK / Verichains2026-01-22
Makina offered 10% whitehat bounty to MEV fund recipients (~102.3 ETH) requesting return of approximately 920.7 ETH. As of this date no funds had been returned.
Rekt News2026-01-25
Makina issued formal demand for return of $513,994.89 USDC from wallet 0xddf6f217951a1e484ee6b04d621c861bf38d0656, offering 10% bounty ($51,399.49 USDC) and a 24-hour deadline before further escalation.
Phemex News2026-01-26
Makina protocol upgraded to v1.1 (audited by ChainSecurity) with restricted accounting mode and maximum price change parameters. Recovery Mode disabled; redemptions reactivated. Users above $100,000 in DUSD required to complete AML/KYC before redemption.
Makina SubstackDecision Log
- #1publish⛓ pending8/2/2026, 12:09:40 PMhash: 3ZRZUhQdXqrw5yAbVjiUR3ipz2PrQHVuYrZquxaLfBuK
14 of 18 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 8/2/2026, 12:09:29 PM
last updated: 8/2/2026, 5:16:07 PM
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