Makina Finance Loses $4.13M After Oracle Manipulation Drains Curve Pool
On Jan. 20, 2026, Makina Finance was hit by a $4.13 million exploit after attackers manipulated the protocol’s price oracle and drained liquidity from the DUSD/USDC Curve pool. According to blockchain traces, the exploit relied on feeding a skewed price into the pool, allowing attacker-controlled positions to extract value against Curve liquidity. The protocol’s DUSD pair and Curve LPs were the immediate casualties of the attack.
The breach highlights persistent oracle and stablecoin peg risks that continue to threaten DeFi composability and AMM pools like Curve. On-chain analysis and fund-tracing efforts are underway, and Makina has not published a full postmortem at time of writing. Investors and LPs may face short-term volatility and withdrawals as the community waits for remediation and any potential recovery or reimbursement plan.