Solera Markets
@SoleraMarkets
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Credit Hub Bridging Real World Asset Yields to Defi on @PlumeNetwork by @SoleraLabs, Powered by @MorphoLabs
On Chain
Joined March 2025
👋🏼
Meet Solera Markets - a next-generation borrow/lend platform designed to scale liquidity and yields on @plumenetwork
https://t.co/QUG1H6EsNw
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9/ We appreciate your patience during this incident. While the griefing incident was limited to external contracts, we take any impact on users seriously. All affected positions are being made whole and additional safeguards are now in place.
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8/ Enhanced security measures have been implemented including stricter parameter validation and approval mechanisms. New looping contracts with appropriate safeguards are currently under audit. Markets will resume full operations following security clearance.
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7/ Regarding impacted users: Over 50% of affected borrows have already been processed and the remaining will be distributed soon. The claim form remains open on Discord for 6 additional days. For any validation questions or concerns, please open a ticket for direct assistance.
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6/ We've initiated comprehensive security reviews with Zellic, Octane Security, and white hat auditors. As a precautionary measure, institutional partners and known LPs were advised to withdraw pending independent verification.
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5/ An on-chain message has been sent to the griefer to attempt to retrieve the funds in exchange for a white hat bounty and no further actions with law enforcement.
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4/ Upon detection, we immediately blacklisted the affected contract and paused new borrows and supplies to markets. Security partners seal911 and groomlake were engaged and the griefer's addresses were reported to exchanges and law enforcement.
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3/ The griefing impacted 1,921 addresses with total unauthorized borrows under $100,000. Importantly this created no bad debt or undercollateralized positions - all pools remain fully capitalized. The griefing was done via the looping contract, not the lending markets themselves.
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2a/ …proper access controls verifying that msg.sender had explicit delegation rights. This component allowed additional borrowing against users' existing collateral if they had approved infinite spending on the looping contract.
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2/ The vulnerability existed in the looping contract's integration with WrappedPlumeGateway3, where credit delegation mechanisms required the onBehalfOf parameter for wrapped token operations. While this was necessary for unwrapping flows, the contract failed to implement...
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1/ On June 8 we detected a griefing incident affecting an auxiliary looping contract. Market operations were immediately paused. All core lending infrastructure remains unaffected. Some users’ borrows were affected, these have been identified and full reimbursements are underway.
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pETH is now live in Solera's main market Users can supply and borrow against pETH at 70% LTV today
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WETH is now live in Solera's main market Users can supply and borrow against WETH at 70% LTV today
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nINSTO is now live in Solera's main market Users can supply and borrow against nINSTO at 75% LTV today
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nETF is now live in Solera's main market Users can supply and borrow against nETF at 75% LTV today
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nBASIS is now live in Solera's main market Users can supply and borrow against nBASIS at 75% LTV today
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nALPHA is now live in Solera's main market Users can supply and borrow against nALPHA at 75% LTV today
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