Certik Reveals Makina Finance Suffers $5 Million Stablecoin Pool Exploit

According to blockchain security firm Certik, Makina Finance has suffered a $5 million stablecoin pool exploit through a 280 million USDC flash loan. On the other hand, the decentralized finance protocol is yet to confirm the exploit, as the stolen funds remain in addresses controlled by the MEV builder and the attacker.

Certik reported the incident, detailing that the attacker used a 280 million USDC flash loan to manipulate the protocol’s pricing oracle.

Launched in February 2025, Makina Finance is a DeFi protocol that describes its offerings as institutional-grade strategy vaults. According to DefiLlama data, currently, the protocol holds $100.49 million in total value locked.

Flash Loan Attack Targets Oracle Mechanism

According to Certik’s analysis, the attacker borrowed 280 million USDC and deployed 170 million USDC to manipulate the MachineShareOracle, the pool the protocol uses for pricing. The attacker then traded the remaining 110 million USDC against the roughly $5 million pool to drain its assets.

Several other security firms estimate varying losses. PeckShield approximated the damage at around $4.13 million worth of Ether (ETH), while GoPlus Security estimated it at $5.1 million. Certik reported that an MEV builder stole $4.14 million worth of funds shortly after the exploit.

However, Makina Finance has yet to officially confirm the exploit. According to a Discord post by its team, it said it was “aware of posts circulating about a potential incident" and was "still verifying the information.”