Verify a decision

{"actor":"system:backfill","investigation_id":"d3da4f04-09d8-46c5-bd15-a305cc7bad3a","kind":"publish","page_slug":"blizz-finance","published_at":"2026-05-19T21:18:08.034Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Blizz Finance","sections":[{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"","type":"other","url":"https://medium.com/@blizzavax/launch-announcement-blizz-finance-9a8a7f374588"},{"credibility":3,"name":"","type":"other","url":"https://blockchainreporter.net/blizz-finance-integrates-chainlink-price-feeds-to-help-secure-decentralized-money-markets-on-avalanche/"},{"credibility":3,"name":"","type":"other","url":"https://defillama.com/protocol/blizz-finance"}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"","type":"other","url":"https://rekt.news/venus-blizz-rekt"},{"credibility":3,"name":"","type":"other","url":"https://crypto.news/terra-luna-defi-blizz-financend-venus-protocol/"},{"credibility":3,"name":"","type":"other","url":"https://thecryptobasic.com/2022/05/13/blizz-finance-depleted-after-luna-feeds-pause-fingers-pointed-at-chainlink/"}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"","type":"other","url":"https://medium.com/@blizzfinance/blizz-finance-post-mortem-2425a33fe28b"},{"credibility":3,"name":"","type":"other","url":"https://medium.com/arbitrary-execution/circuit-breakers-a-chainlink-deep-dive-52b6f5b8c1e"},{"credibility":3,"name":"","type":"other","url":"https://rekt.news/venus-blizz-rekt"}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"","type":"other","url":"https://rekt.news/venus-blizz-rekt"},{"credibility":3,"name":"","type":"other","url":"https://medium.com/@blizzfinance/blizz-finance-post-mortem-2425a33fe28b"},{"credibility":3,"name":"","type":"other","url":"https://crypto.news/terra-luna-defi-blizz-financend-venus-protocol/"}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"","type":"other","url":"https://threadreaderapp.com/thread/1525774839507832833.html"},{"credibility":3,"name":"","type":"other","url":"https://medium.com/@blizzfinance/blizz-finance-post-mortem-2425a33fe28b"}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"","type":"other","url":"https://medium.com/@blizzfinance/blizz-finance-post-mortem-2425a33fe28b"},{"credibility":3,"name":"","type":"other","url":"https://rekt.news/venus-blizz-rekt"},{"credibility":3,"name":"","type":"other","url":"https://defillama.com/protocol/blizz-finance"},{"credibility":3,"name":"","type":"other","url":"https://github.com/code-423n4/2023-07-moonwell-findings/issues/195"}]}],"sources_used":[],"summary":"Blizz Finance was a decentralized lending protocol on Avalanche, forked from Aave v2, that launched in November 2021 and was rendered insolvent in May 2022 when the Terra LUNA collapse triggered a Chainlink oracle circuit breaker that froze the LUNA price at $0.10 while the token's actual market price fell to near zero. Attackers exploited the stale price feed to borrow approximately $8.3 million in protocol assets using nearly worthless LUNA as collateral, draining the protocol entirely. The team announced permanent shutdown shortly after, recovering and distributing only approximately $1.5 million to affected users.","timeline":[{"date":"2021-11-08","event":"Blizz Finance launches on Avalanche as an Aave v2 fork with BLZZ token emissions beginning one hour after protocol launch.","source":""},{"date":"2022-05-12","event":"Terra LUNA price collapse begins. Chainlink's LUNA/USD price feed triggers its minimum price circuit breaker, freezing reported price at $0.10 while market price falls to near zero.","source":""},{"date":"2022-05-12","event":"Attackers begin depositing large quantities of LUNA (purchased at near-zero market prices) as collateral valued at the stale $0.10 oracle price, systematically borrowing all available liquidity across Blizz Finance pools.","source":""},{"date":"2022-05-12","event":"Protocol is drained of approximately $8.3 million in total liquidity before the team can invoke any pause mechanism. The governance timelock prevents an emergency response.","source":""},{"date":"2022-05-13","event":"Blizz Finance publicly acknowledges the exploit. Team states the protocol was drained 'before we could pause due to our timelock' and blames Chainlink's undocumented minimum price behavior.","source":""},{"date":"2022-05-13","event":"Rekt.news and multiple crypto news outlets publish coverage of the Blizz Finance and Venus Protocol exploits, attributing combined losses of over $21 million across both protocols.","source":""},{"date":"2022-05-14","event":"Blizz Finance publishes official post-mortem on Medium, detailing the Chainlink circuit breaker failure, the Aave v2 fork's lack of protective logic, and the team's unawareness of the minAnswer mechanism.","source":""},{"date":"2022-05-15","event":"Team announces permanent shutdown of the protocol, front-end, and official communication channels. Announces $1.5 million in recovered LUNA will be distributed to depositors via pre-attack snapshot.","source":""},{"date":"2022-05-15","event":"Team states they are engaging with a community that has allegedly identified some attackers, though no further public updates on attacker identification or additional asset recovery are made.","source":""}]},"v":1}