PackShield Reveals Deus Finance Lost $13.4 Million To Hackers

Deus Finance, a decentralized finance software, has been the most recent protocol to endure a hack. Blockchain safety agency PeckShield revealed the exploit, noting that the hacker(s) stole $13.4 million from the Fantom integration of the multi-chain protocol. 

Deus Finance suffers second hack in two months 

In a thread on Twitter, PeckShield defined how the exploit was carried out. The hacker used a flash loan-assisted manipulation to change the costs of Dues’ two native dollar-pegged stablecoin token DEI.

The value oracle of the protocols USDC/DEI pair pool was compromised, permitting the hacker to make use of the manipulated value of the token as collateral to borrow from and drain the pool. 

The hacker’s unique funding for the mortgage, roughly 800 ETH, was transferred from Twister Money and tunneled to a Fantom pockets deal with by Multichain. Following the profitable hack, the funds have been tunneled again to an Ethereum pockets deal with. 

Whereas the hacker’s revenue amounted to $13.4 million, PeckShield warns that Deus’ losses could also be much more. Deus Finance, in the meantime, suffered a really related hack in March the place the hacker stole $3million. 

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Following the most recent hack, DEUS, the governance token of the protocol, noticed a value drop. The token is down round 7.35% within the final 24 hours, buying and selling at $564 per information from CryptoRank.  

Hacks increase questions concerning the safety of crypto platforms recorded

The credibility and safety of blockchain expertise proceed to be put doubtful because of rampant hacks. Up to now in 2022, malicious actors have stolen over $1.5 billion from blockchain-based platforms in line with data from SlowMist

Of the round 100 reported hack occasions the platform recorded this yr, the Axie Infinity Ronin community $625 million hack was the largest so far. The exploit additionally takes the report for the very best loss within the trade’s historical past. 

Whereas consolation isn’t quite common for buyers who lose their property in such exploits, Sky Mavis, the mother or father firm of the play-to-earn protocol has promised to refund all customers that suffered losses. 

Olivia’s pursuits spans throughout the Cryptocurrency and NFT and DeFi trade. She stays as fascinated by cryptocurrencies as we speak, as she was again in 2017, when she first began studying up about them. She’s actively looking out for the most recent Crypto associated tales. When she’s not writing, she’s catering to her pet chihuahua, or curating vegan recipes. Attain me at [email protected]

The offered content material might embody the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability on your private monetary loss.

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