Flash loan attack on DEUS Finance, lost $13.5M

Defi protocol DEUS Finance became the latest victim of the Flashloan attack and lost around $13.5 million worth of crypto assets. 

At present, the majority of the Defi projects are still in the initial phase to claim that they are highly secured, and more likely to Centralized crypto exchanges. However 3-4 years have already been completed for the decentralized crypto-based concepts but still bugs are in existence and resulting in a very big loss for such Defi services. 

DEUS Finance Evolution is a marketplace of decentralized financial services, which provides the infrastructure for others crypto projects to build financial services. This Defi Protocol faced an attack in the morning of 28 April. 

Hacker tried to trick the platform through a flash loan to target a DEUS liquidity pool on Fantom. 

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In reality Flash loan is a portal in the Defi world, where a crypto trader can take a loan and trade to make a profit under high differences in the price of a particular asset. 

Here hacker used the flash loan to manipulate price oracle so that they could artificially inflate the price of DEUS’ DEI stable coin. 

Crypto analytic platform, PeckShield shared some important details about this attack and confirmed that Hacker successfully made around $13.4 million worth of Crypto assets. 

The @DeusDao was exploited today in https://t.co/USKNHhXeid with ~$13.4M gain for the hacker (The protocol loss may be larger).

— PeckShield Inc. (@peckshield) April 28, 2022

The team behind DEUS Finance informed through Twitter that all funds are safe and also halted dei lending services.

The dev team is working on the DEI situation.

1. User funds are safe. No users were liquidated.
2. DEI lending has been temporarily halted.
3. $DEI peg has been restored.

More details to follow.

— DEUS Finance DAO (@DeusDao) April 28, 2022

Comments below the tweet of DEUS Finance showed that the majority of the users of this platform are not happy with this situation. However, this is not the first platform, which faced such high-level attacks already huge numbers of attacks took place on big platforms and the majority of the attacks resulted in degrading the user’s strength and volume of trades.

Read also: Ripple as a Security is misguided, says Ripple Executive

Flash loan attack on DEUS Finance, lost $13.5M

 

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