The Anchor Protocol bug gives users a chance to earn $800,000 quickly before the team fixes the issue. After the launch of LUNA 2.0, this bug has become a lucky charm for users who can earn some quick money.
The terra ecosystem went through the most challenging month since its creation. The depeg of UST followed up with the fall of LUNA, causing the empire to crumble into pieces. The team came up with the revival plan with the launch of LUNA 2.0, which went live on Friday.
Some argue that it could be a revival point for LUNA; Others see this as another trap that investors should steer clear of. But this launch seems to have turned into a money-making opportunity for users.
Anchor Protocol makes it easy for users to earn $800,000
The entire scenario was used by users when the price of LUNC (Luna Classic) hit $5, even though the coin was worth nothing. One of the users of Anchor’s platform discovered the vulnerability and deposited around 20 million Lido Bonded Luna tokens, which the platform mistakenly valued for $100 million.
Although the deposited amount was supposed to be worth only $200,000, the user noticed the error and borrowed 40 million UST. The user then withdrew the UST for a whopping $800,000.
This error was gradually noticed by other users who also tried to take their chances. But the team was fast enough to identify the exploit and solve the problem. Users who tried to use the exploit immediately encountered an error.
LUNA 2.0 does not show the best performance after launch. Immediately after its launch, it plummeted to $3.63 from a high of $19.54. Only time will tell what the new LUNA coin will turn out to be.