According to PeckShield data, $3 million worth of DAI and Ethereum (ETH) was stolen from a DeFi-focused altcoin project. The blockchain security firm states that the attack resulted from flash credit manipulation via a pricing oracle.
$3 million worth of DAI and ETH stolen from DeFi altcoin project
Deus Finance, a multi-token DeFi focused altcoin project, lost more than $3 million on Dai (DAI) and Ethereum (ETH). Why was he the victim of an attack? DeFi analytics firm PeckShield released a report on Twitter to explain the situation and how the money was used. The attackers were able to exploit and manipulate a pricing oracle for flash loans, resulting in the theft of users’ funds.
hackers set a price oracle for protocol flash credits He manipulated the price of the StableV1 AMM – USDC/DEI pair he used for
PeckShield revealed that hackers managed to steal 200,000 DAI and 1101.8 ETH, and the total amount of funds stolen could be greater than early estimates of $3 million. The hacker behind the attack then made the stolen funds untraceable using the tornado cash mixing tool via the Multichain Protocol (formerly known as AnySwap).
Deus Finance admitted the abuse in the loan protocol and claimed that it closed the DEI loan agreement. The DeFi altcoin also said that both DEUS and DEI were unaffected by the exploit.
Compensation process
Deus Finance, synthetics of others It provides DeFi infrastructure to help build financial instruments including stock trading platforms, options and futures. Deus Protocol CEO Lafayette Tabor used Twitter to inform the community about repayment plans. He said the developers will create a new contract where affected users will be able to repay their loans, explaining:
We will create a contract where you can pay off your debt and receive your liquidated sAMM, we will also implement a feature that allows you to exchange the DEI with a small MUON allocation . (by paying from my team allocation).
As we quoted as Kriptokoin.com, an altcoin project whose pools were drained 150 thousand dollars lost 85% value today.
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