Maya Protocol Suffers $11M Liquidity Crash Amid Exploit

Maya Protocol's liquidity pool took a $11 million hit in August, and the attacker is still holding onto the loot. According to on-chain data, the suspected Bitcoin address behind the attack has 20.8273 BTC, valued at around $1.59 million at current prices.

The incident occurred on Aug. 18, when six accounting flaws were exploited in a single 23-message transaction. The attackers siphoned off about 49.45 million CACAO from a thin ARB.LINK pool, even though Maya's reserve only held around 168,000 CACAO.

Maya Protocol founder Aaluxx initially estimated the loss to be around $1.4 million in BTC and $300,000 in other assets. He promised to work on recovering the funds in full.

A technical reconstruction by SigIntZero attributed the exploit to the chained accounting flaws, which produced a false missing-transfer signal that activated a compensation path.