Verify a decision

{"actor":"system:backfill","investigation_id":"43255326-3258-4cc6-b6b3-c293918c5c60","kind":"publish","page_slug":"ionic-protocol","published_at":"2026-05-28T01:44:43.580Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Ionic Protocol","sections":[{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://medium.com/@ionicmoney/ionic-protocol-introduction-e6e0b748f538","type":"other","url":""},{"credibility":3,"name":"https://doc.ionic.money/ionic-documentation/ionic-protocol/introduction","type":"other","url":""},{"credibility":3,"name":"https://www.ionic.money/","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://medium.com/midas-capital/midas-exploit-post-mortem-1ae266222994","type":"other","url":""},{"credibility":3,"name":"https://immunebytes.com/blog/midas-capital-hack-june-17-2023-detailed-analysis/","type":"other","url":""},{"credibility":3,"name":"https://beincrypto.com/midas-capital-releases-660000-exploit-post-mortem-defi-attacks-carry-into-2023/","type":"other","url":""},{"credibility":3,"name":"https://beincrypto.com/midas-capital-pool-exploited/","type":"other","url":""},{"credibility":3,"name":"https://x.com/zachxbt/status/1886792512917864953","type":"other","url":""},{"credibility":3,"name":"https://www.bitget.com/news/detail/12560604547626","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://rekt.news/ionic-money-rekt","type":"other","url":""},{"credibility":3,"name":"https://www.halborn.com/blog/post/explained-the-ionic-money-hack-february-2025","type":"other","url":""},{"credibility":3,"name":"https://quadrigainitiative.com/casestudy/ionicmoneyfakelbtccollateralsocialengineering.php","type":"other","url":""},{"credibility":3,"name":"https://www.chaincatcher.com/en/article/2165720","type":"other","url":""},{"credibility":3,"name":"https://www.panewslab.com/en/articles/6d4lap4z","type":"other","url":""},{"credibility":3,"name":"https://postmortem.s3.us-east-1.amazonaws.com/postmortem.pdf","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://x.com/zachxbt/status/1886792512917864953","type":"other","url":""},{"credibility":3,"name":"https://www.bitget.com/news/detail/12560604547626","type":"other","url":""},{"credibility":3,"name":"https://followin.io/en/feed/16108999","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.coingecko.com/en/coins/ionic-protocol","type":"other","url":""},{"credibility":3,"name":"https://defillama.com/protocol/ionic-protocol","type":"other","url":""},{"credibility":3,"name":"https://www.gate.com/price/ionic-protocol-ion","type":"other","url":""},{"credibility":3,"name":"https://www.coincarp.com/currencies/ionic-protocol/","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.halborn.com/blog/post/explained-the-ionic-money-hack-february-2025","type":"other","url":""},{"credibility":3,"name":"https://immunebytes.com/blog/midas-capital-hack-june-17-2023-detailed-analysis/","type":"other","url":""},{"credibility":3,"name":"https://x.com/zachxbt/status/1886792512917864953","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://rekt.news/ionic-money-rekt","type":"other","url":""},{"credibility":3,"name":"https://www.halborn.com/blog/post/explained-the-ionic-money-hack-february-2025","type":"other","url":""},{"credibility":3,"name":"https://quadrigainitiative.com/casestudy/ionicmoneyfakelbtccollateralsocialengineering.php","type":"other","url":""}]}],"sources_used":[],"summary":"Ionic Protocol (also known as Ionic Money) is a decentralized non-custodial lending and borrowing protocol deployed on the Mode Network (OP Superchain). It is a rebrand of Midas Capital, which suffered two separate exploits in 2023 totaling approximately $1.26 million. In February 2025, Ionic itself was exploited via a social engineering attack involving a counterfeit LBTC token, resulting in losses estimated between $8.6 million and $12.3 million; funds were partially laundered through Tornado Cash and have not been recovered.","timeline":[{"date":"2021-11-01","event":"Midas Capital founded with a vision of multichain isolated-pool lending.","source":""},{"date":"2023-01-15","event":"Midas Capital first exploit: approximately $660,000 drained via read-only reentrancy vulnerability in Curve LP collateral on Polygon.","source":"","source_url":"https://medium.com/midas-capital/midas-exploit-post-mortem-1ae266222994"},{"date":"2023-06-17","event":"Midas Capital second exploit: approximately $600,000 drained via rounding error in Compound V2-derived code on BNB Chain.","source":"","source_url":"https://immunebytes.com/blog/midas-capital-hack-june-17-2023-detailed-analysis/"},{"date":"2023-01-01","event":"Midas Capital sunsetted; team begins rebrand to Ionic Protocol on Mode Network.","source":""},{"date":"2024-12-12","event":"Alleged attacker begins interacting with Ionic Protocol, impersonating Lombard Finance team in BD discussions.","source":"","source_url":"https://www.halborn.com/blog/post/explained-the-ionic-money-hack-february-2025"},{"date":"2025-01-09","event":"Attacker deploys counterfeit LBTC smart contract (0x964dd444e3192f636322229080a576077b06fba3).","source":"","source_url":"https://quadrigainitiative.com/casestudy/ionicmoneyfakelbtccollateralsocialengineering.php"},{"date":"2025-02-04","event":"Ionic Money exploit begins: attacker mints 250 fake LBTC, deposits as collateral, and borrows approximately $8.6–$12.3 million in real assets.","source":"","source_url":"https://rekt.news/ionic-money-rekt"},{"date":"2025-02-04","event":"Attacker bridges ~1,204 ETH ($3.2 million) from Mode Network to Ethereum and launders funds through Tornado Cash.","source":"","source_url":"https://www.halborn.com/blog/post/explained-the-ionic-money-hack-february-2025"},{"date":"2025-02-08","event":"Ionic team publishes official post-mortem; states the incident was not a code-based breach and pledges to work with law enforcement.","source":"","source_url":"https://postmortem.s3.us-east-1.amazonaws.com/postmortem.pdf"},{"date":"2025-02-04","event":"ZachXBT publicly flags the exploit and states 'Ionic is just Midas wearing a carnival mask,' referencing two prior 2023 hacks.","source":"","source_url":"https://x.com/zachxbt/status/1886792512917864953"}]},"v":1}