Ionic Money
February 3, 2025
•[ DeFi exploit, impersonation, protocol manipulation ]
On February 3 2025, attackers exploited Ionic Money on the Mode Network by impersonating members of Lombard Finance and convincing the project to list a fake token (LBTC). They minted counterfeit collateral, borrowed legitimate assets, and drained about $8.6 million in funds, later laundering part of it through Tornado Cash. The incident was a decentralized finance exploit involving protocol manipulation, with no system encryption or service disruption.
