On January 2026, Makina was exploited in a oracle manipulation, resulting in approximately $5.1M in losses. That makes the Makina exploit the 44th largest DeFi incident out of 690 documented in our archive.
Attack Mechanics: How the Makina Oracle Manipulation Played Out
Exploit Class Applied to Makina
The Makina incident on January 20, 2026 is classified as a Oracle Manipulation. The attacker skews the price feed the protocol trusts — often via a thin DEX pool — forcing the contract to misprice collateral. In the full archive, Makina is 1 of 19 documented oracle manipulation incidents.
Makina in Context
At $5.1M, the Makina exploit is a significant ($1M–$10M) event compared to the largest same-class incident in our archive — – BonqDAO (2023) at $88M.
Prior Oracle Manipulation Before Makina
The nearest oracle manipulation incident before Makina was Moonwell, 77 days earlier on November 4, 2025 ($1M lost). The same exploit class surfaced again within the oracle manipulation attack surface.
Makina Vulnerability Signature
The primary source categorises the Makina exploit specifically as “Price Oracle Manipulation”. This narrower label is entity-specific: it reflects how the Makina contract failed, rather than the broad oracle manipulation pattern alone.
Impact & Recovery for Makina
Makina Loss Figure
The Makina exploit caused $5,100,000 in losses — a significant ($1M–$10M) incident and the 1st largest of 12 documented in 2026. This single incident represents 69.4% of all tracked losses that year.
Where Makina Sits Among Oracle Manipulation Attacks
Ranked by loss size, Makina is the 2nd largest of 19 oracle manipulation incidents documented. That puts the Makina loss below the class average of $9.69M.
Timeline Since the Makina Incident
The Makina exploit occurred 3 months ago (84 days). The contract, its fork-block, and the attack transaction remain on-chain and forensically reproducible.
Primary Reference for Makina
Public post-mortem / on-chain analysis for the Makina incident: view source.
FAQ
How much did Makina lose?
The Makina exploit in January 2026 resulted in $5,100,000 in losses — the 1st largest of 12 DeFi incidents that year.
When did the Makina hack happen?
The Makina exploit was recorded on January 20, 2026 — 84 days ago.
What type of exploit hit Makina?
The Makina incident is classified as a Oracle Manipulation. The attacker skews the price feed the protocol trusts — often via a thin DEX pool — forcing the contract to misprice collateral.
How common is the Oracle Manipulation pattern seen at Makina?
Our archive contains 19 documented oracle manipulation incidents. The Makina incident is one of them.
How does Makina compare to the largest Oracle Manipulation attack?
The largest oracle manipulation incident in our archive is – BonqDAO (2023) at $88M. The Makina loss is $5.1M.
What cryptocurrencies are the focus of the study's analysis?
The study focuses on analyzing the trading performance of Bitcoin and Ethereum using Bollinger Bands trading strategy (BBTS).
How does the conditional mean equation of the GARCH (1,1) model work?
It uses previous returns and an error term to describe the behavior of current returns, indicating the impact of past values on present returns.