Home Market DeFi hacker steals $13.4 million in DEUS Finance assault

DeFi hacker steals $13.4 million in DEUS Finance assault

DeFi hacker steals $13.4 million in DEUS Finance assault

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The DEUS workforce mentioned that customers’ funds are protected.

DEUS Finance suffers from flash mortgage exploit

DEUS Finance DAO is the newest DeFi protocol that has suffered a serious assault.

The multi-chain DeFi challenge, working on Ethereum, Fantom, BNB Chain and a lot of different Layer 1 networks, was hit by a flash mortgage exploit early Thursday morning.

on-chain information reveals that an attacker leveraged a flash mortgage to assault a DEUS liquidity pool on Fantom. Developed by early Ethereum DeFi challenge Aave, flash loans give DeFi customers the flexibility to borrow a vast quantity of capital with out posting collateral, so long as they repay the mortgage in the identical transaction. Whereas flash loans are an instance of DeFi innovation, they’ve been controversial as a result of outstanding position they’ve performed in lots of multi-million greenback hacks.

This assault follows an identical playbook to many different current incidents. As famous by blockchain safety agency PeckShield in a tweet storm, the hacker used the mortgage to govern a value oracle so they may artificially inflate the worth of DEUS’ DEI stablecoin. They then used the DEI as collateral to borrow extra capital and executed a commerce for USDC. After they paid off the flash mortgage, they had been left with about $13.4 million.

After executing the flash mortgage assault, the hacker moved the income from Fantom to Ethereum and used Twister Money, an Ethereum-based privateness safety protocol popularly utilized in DeFi hacks, to ship the funds to a “clear “ to department off deal with.

DEUS has since posted an replacestating that consumer funds are protected and DEI lending has been paused. It additionally mentioned it’s going to comply with up with extra particulars later. Having suffered from a $3 million flash mortgage exploit simply final month, it’s going to have some explaining to do.

Disclosure: On the time of writing this text, the creator of this text owned ETH, AAVE, FTM and several other different cryptocurrencies.

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