Not to be confused with mirror-trading-international, Mirror Trading International, a South African Bitcoin Ponzi scheme.
Mirror Protocol
Last changed 2026-11-02 · Fact-check review — Fact-check review (verdict: revise): the reviewer checked the page's claims against its sources; the trust score was recalculated from the page's findings, 49 → 53. Version history →
Why this score
| Every page starts at | 65 |
| The subject's own conduct | -8 |
| Concerns that are not fraud | -6.4 |
| Incidents it suffered (e.g. hacks) | -6.4 |
| Problems around it, caused by others | -1.6 |
| Long-running | +10 |
| Sum | 53 |
- 1 section set aside: the claims did not hold up in a fact-check, pending correction.
Score: 53/100 (kept between 0 and 100)
How scoring works →Page reliability: Fact-checked 2026-11-02 · 9 of 11 claims confirmed · 2 need better sources
anchored·46YZca…HWK5Summary
Mirror Protocol was a Terra-based DeFi platform enabling synthetic assets (mAssets) that tracked prices of US stocks. The protocol suffered a $90 million exploit in October 2021 that went undetected for seven months, a governance attack campaign in December 2021 targeting $40 million in community funds, and a second $2 million oracle exploit in May 2022. It became permanently inactive in August 2022 following the catastrophic collapse of the Terra/LUNA/UST ecosystem, which was orchestrated by its parent company Terraform Labs under Do Kwon, who was subsequently convicted of fraud and sentenced to 15 years in prison.
Connected Entities
7 entities · 54 linked investigations- Mirror Protocol→mentioned with→Do Kwon(85%)
- Terra 2.0→mentioned with→Do Kwon(85%)
- Mirror Protocol→mentioned with→Terra/Luna(80%)
- Anchor Protocol→mentioned with→Terraform Labs(80%)
- Do Kwon→mentioned with→Terraform Labs(80%)
- Do Kwon→mentioned with→Anchor Protocol(80%)
- Do Kwon→mentioned with→Terra 2.0(80%)
- Mirror Protocol→mentioned with→Anchor Protocol(80%)
- Mirror Protocol→mentioned with→Terraform Labs(80%)
- Mirror Protocol→mentioned with→Terra 2.0(80%)
- + 13 more
Connected Through
6 shared actors · 54 investigationsDistinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.
- □Terra/Lunaorganization
- □Terraform Labsorganization
- ⌂Anchor Protocolprotocol
- □Do Kwonorganization
Timeline(22 events)
2018
Do Kwon and Daniel Shin co-found Terraform Labs, the parent company of Mirror Protocol.
December 2020
Mirror Protocol launches on the Terra blockchain, enabling synthetic stock trading via mAssets.
7 May 2021
The SEC opens an investigation into Terraform Labs over Mirror Protocol's potential offering of unregistered securities.
June 2021
Mirror Protocol crosses $2 billion in total value locked (TVL), becoming a top-15 DeFi protocol.
17 September 2021
The SEC issues subpoenas to Terraform Labs and Do Kwon personally regarding Mirror Protocol.
20 September 2021
Do Kwon is served the SEC subpoena at the Messari Mainnet 2021 conference in New York City.
8 October 2021
Attacker begins exploiting the lock contract duplicate-ID vulnerability in Mirror Protocol, ultimately draining approximately $90 million over subsequent months. The exploit goes undetected.
24 December 2021
A coordinated governance attack campaign is launched against Mirror Protocol, with malicious polls (IDs 185, 198, 204, 206, 207, 208) targeting approximately $40 million from the community pool. The most prominent, Poll 211, targets 25 million MIR tokens (~$64.2 million). The attack is timed to coincide with holiday periods.
27 December 2021
Mirror Protocol team issues emergency governance warning via Poll 212, alerting the community to the fraudulent proposals. The community votes to reject all malicious proposals; no funds are stolen.
7 May 2022
UST begins losing its dollar peg, triggering the Terra/LUNA ecosystem collapse.
12 May 2022
The Terra blockchain is halted. UST falls to approximately $0.10; LUNA collapses to near zero from an all-time high of $119.51. Approximately $45 billion in market capitalization is wiped out.
14 May 2022
Mirror Protocol developers silently patch the lock contract vulnerability — the entry point for the $90 million October 2021 exploit — with no public announcement or user notification.
27 May 2022
FatManTerra publishes findings on the $90 million exploit, prompting public scrutiny of Mirror Protocol's silent patch.
28 May 2022
A second exploit begins, exploiting a LUNC oracle mispricing to drain Mirror's mBTC, mETH, mDOT, and mGLXY pools. Over $2 million is extracted.
30 May 2022
The Block and CoinDesk report on both the $90 million historical exploit and the new oracle exploit. BlockSec publicly criticizes Mirror's silent patch practice.
8 June 2022
A U.S. appeals court overrules Do Kwon's challenge to the SEC subpoenas, ordering Terraform Labs and Kwon to comply with the investigation into Mirror Protocol.
15 August 2022
Band Protocol announces it will cease providing price feeds for Terra Classic products, citing the UST collapse and Mirror Protocol team's failure to respond to queries about the protocol's future.
26 August 2022
Band Protocol formally ends price feed support. Mirror Protocol ceases all operations permanently. The protocol is effectively abandoned.
March 2023
Do Kwon is arrested in Montenegro while allegedly attempting to travel on forged documents.
31 December 2024
Do Kwon is extradited to the United States to face federal fraud charges.
August 2025
Do Kwon pleads guilty in the Southern District of New York to wire fraud and conspiracy to commit securities fraud, commodities fraud, and wire fraud.
11 December 2025
U.S. District Judge Paul A. Engelmayer sentences Do Kwon to 15 years in federal prison, describing his crimes as 'fraud on an epic, generational scale.' Kwon forfeits over $19 million.
Decision Log
- slot 464381384 · hash Hdge2Vp7U9mieU1PNdFdn6576ZDQh4hMnwYQmJwi4kxh
- slot 464381379 · hash fLKwRQGvKbLaYJ1z1bvThrTWTxjXYXPU2CZRQRuhvc8
- slot 464381374 · hash 2GLzg888xMdboZbtuNa1f9gNfs2E6cqpCCYvzPhjVCC3
- slot 455358454 · hash dhuwDa7iwN7aLRLxJLXqH4f4ycmGCydLuxuycec3Wcs
- slot 421244926 · hash HqmS6n8hq7e92Q9kdv21XxNm9yW11FE7GKpfGo4kWcYm
This investigation is cryptographically anchored to the Solana blockchain (5 decisions). 23 of 27 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:53 AM
last updated: 11/2/2026, 5:41:13 AM
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