The most popular multi-million dollar DeFi hack came about earlier this morning with the attacker stealing about $13.4 million. This time, DEUS Finance DAO became affected.
The DEUS team acknowledged that consumer funds had been safe.
DEUS Finance Suffers Flash Mortgage Exploit
DEUS Finance DAO is the most popular DeFi protocol to undergo a well-known attack.
The multi-chain DeFi project, which runs on Ethereum, Fantom, BNB Chain, and a different of other Layer 1 networks, became focused in a flash loan exploit early Thursday morning.
On-chain files presentations that an attacker leveraged a flash loan to condo a DEUS liquidity pool on Fantom. Pioneered by the early Ethereum DeFi project Aave, flash loans give DeFi customers the power to borrow a considerable amount of capital without offering any collateral as lengthy as they pay lend a hand the loan within the similar transaction. Whereas flash loans are an example of DeFi innovation, they’ve been controversial resulting from the eminent feature they’ve performed in many multi-million dollar hacks.
This attack follows a identical playbook to many other fresh incidents. As blockchain security firm PeckShield noted in a tweet storm, the hacker vulnerable the loan to possess a watch on a label oracle in notify that they’ll artificially inflate the price of DEUS’ DEI stablecoin. They then vulnerable the DEI as collateral to borrow more capital, and executed a change for USDC. By the level they paid off the flash loan, they had been left with about $13.4 million.
After executing the flash loan attack, the hacker moved the takings from Fantom to Ethereum and vulnerable Tornado Money, an Ethereum-essentially based fully mostly privacy-preserving protocol popularly vulnerable in DeFi hacks, to siphon the funds to a “easy” deal with.
DEUS has since posted an change, asserting that consumer funds are safe and DEI lending has been paused. It also acknowledged this could perchance presumably word up with more well-known parts later. After struggling from a $3 million flash loan exploit only final month, this could perchance presumably have some explaining to achieve.
Disclosure: At the time of writing, the author of this part owned ETH, AAVE, FTM, and several other cryptocurrencies.
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