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Hacker attacked and stole $80M from Rari Fuse pools

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Hacker attacked and stole $80M from Rari Fuse pools 17

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. 

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

Hacker attacked and stole $80M from Rari Fuse pools 16
Invocation flow. Source: BlockSec

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

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. 

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

 

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

 

 

 

 

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