For the second time and in two months … the “Deus Finance” project was hacked and cryptocurrencies worth more than $13 million were stolen
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Answer For the second time and in two months … the “Deus Finance” project was hacked and cryptocurrencies worth more than $13 million were stolen
Blockchain security company PeckShield stated that the “Deus Finance” crypto project was exploited, hacked and about $13.4 million stolen from it earlier today.
This comes a few months after the protocol fell victim to a similar hack.
The “PeckShield” Twitter account provided more details about the recent DeFi attack.
2/ The breakout was made possible due to the flash-assisted manipulation of the Oracle price reading from the StableV1 AMM – USDC/DEI pair. The manipulated price of the additional DEI is then used to borrow the pool and dry it out. Sound familiar?https://t.co/3uk44CXo78 pic.twitter.com/ng2BYPPOiYRead:Report: The performance of crypto investment funds outperforms traditional investment funds in 2019
– PeckShield Inc. (pickshield) April 28, 2022
According to “PeckShield,” the hacker took advantage and went through a familiar path using manipulation-assisted price-determining failures from an oracle that “reads from StableV1 AMM – USDC/DEI pair.”
The attacker was able to manipulate the price of the DEI digital currency of the “Deus Finance” project and use it to borrow from the pool and then drain it.
In all, anonymous hackers managed to steal $13.4 million worth of cryptocurrency.
PeckShield has warned that protocol losses could be much higher than reported.
The attacker borrowed about 800 ETH to launch the hack, all of which were withdrawn from Tornado Cash, converted to Fantom, and spent via the Multichain platform.
The hacker’s address currently shows that they exchanged the stolen funds for Ethereum and transferred it to the “Tornado Cash” mixing platform.
Similarly, in mid-March, the “Deus Finance” project was exploited and hacked for the first time.
At the time, the attacker used an identical approach, but the amount stolen was much less (about $3 million in DAI and ETH).Read:The trading volume of NFT tokens on the “OpenSea” platform reaches an all-time high
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