[Analysis] Response to Oracle Incident - Synthetix

Synthetix ($SNX) founder Kain Warwick published a response to the error that occurred in the Synthetix FX price feeds affecting the KRW price by reporting a price 1000x higher than the current rate for Korean Won. Warwick explained that they were alerted by their community regarding the price feed error. According to the post from Synthetix, a number of trading bots actively trade on Synthetix.exchange and one of them detected the price feed error and exploited it, resulting in over $1 billion in profit in less than an hour. Warwick explains that Synthetix contacted the bot owner who has agreed to reverse the trades in exchange for a bug bounty.