Hacker attacked and stole $80M from Rari Fuse pools

Fei Protocol is working at its best to retrieve stolen funds from hackers through the best bounty reward.

Fuse is an open interest rate protocol, which allows its clients to lend and borrow crypto assets. The Fuse protocol enables users to instantly create and deploy their lending and borrowing pool, more likely a decentralized platform where anyone can set up his finance shop. 

On 30 April, Fei Protocol, Decentralized finance (DeFi) platform, informed the platform users and noted that an attack took place on the various Rari Fuse pools. 

Through the tweet, the team also confirmed that a bug has been identified, which was tricked and used by hackers. They also offered a $10 million reward in return to return all the funds. 

      -----Cryptonews AD----->>>  

Sign up for a Bybit account and claim exclusive rewards from the Bybit referral program! Plus, claim up to 6,045 USDT bonus at . https://www.bybit.com/invite?ref=PAR8BE

  <<<-----Cryptonews AD-----    

 

We are aware of an exploit on various Rari Fuse pools. We have identified the root cause and paused all borrowing to mitigate further damage.

To the exploiter, please accept a $10m bounty and no questions asked if you return the remaining user funds.

— Fei Protocol (@feiprotocol) April 30, 2022

BlockSec’s Defi monitoring system investigation found that hackers secured around $10 million worth of crypto assets with the help of vulnerability.

PeckShield, a crypto analytic platform, also did a depth investigation and found that the Defi protocol lost around $80 million worth of cryptocurrencies.

The old reentrancy bug bites again on Compound forks w/ $80M loss! This time, it re-enters via exitMarket()!!! https://t.co/NpC8AAZRXc

Watch out, all Compound forks in EVM-compliant chains. Get in touch with your auditors now or feel free to contact us if we can be of any help pic.twitter.com/M9JElTWMSd

— PeckShield Inc. (@peckshield) April 30, 2022

Around 3 days ago, Ronin Bridge and Sky Marvis announced their plan to introduce some upgrades in smart contract to keep such types of attacks away from their own Defi protocol, in response to an attack that took place on Ronin Bridge around a month ago. 

We have put together a postmortem regarding the Ronin exploit that occurred on March 23rd.

• Why it happened
• What we're doing to make sure this never happens again
• Ronin bridge re-opening updatehttps://t.co/FfwCtCG84E

— Ronin (@Ronin_Network) April 27, 2022

These types of high-level attacks on the Defi projects are still a big indication that the Defi industry needed more time to evolve. Right now Defi concepts-based platforms needed to go with the improvement, in terms of security and safety of the funds. Due to such news of attacks, the majority of the users tried to remain away from Defi-based platforms.

Read also: Bitcoin needs to shift on Proof-of-stake: Solana co-founder

Hacker attacked and stole $80M from Rari Fuse pools

 

https://bitcoinik.com/hacker-attacked-and-stole-80m-from-rari-fuse-pools/feed/

https://bitcoinik.com/hacker-attacked-and-stole-80m-from-rari-fuse-pools/feed/