Decentralized Protocol Loses More Than $13.4M to Hackers
2022.04.28 20:20
Decentralized Protocol Loses More Than $13.4M to Hackers
- Decentralized protocol DUES Finance gets hacked.
- As a result, the company lost almost $13.4 Million.
- DUES Finance’s tech team is working to repair the damage.
DUES Finance, the Fantom-based decentralized derivatives protocol, faces another hacker attack. The hackers ran with approximately $13.4 million in profits, as reported by PeckShield.
The @DeusDao was exploited today in https://t.co/USKNHhXeid with ~$13.4M gain for the hacker (The protocol loss may be larger).
— PeckShield Inc. (@peckshield) April 28, 2022
According to the blockchain security and data analytics company, the hackers were able to attack the system by flash loan-assisted control of the price oracle that reads from the StableV1 AMM – USDC/DEI pair. Knowing that Flash loan is a form of uncollateralized lending using smart contracts. They subsequently drained the pool by borrowing and draining the manipulated price of collateral DEI.
An amount of 800 Ethereum was taken out of Tornado Cash and tunneled to Fantom through the cross-chain router protocol Multichain. After that, the funds were returned to Ethereum and are currently in the hackers’ account.
Wu Blockchain also shared the news, tweeting, “PeckShield said that DEUS Finance, a decentralized derivatives protocol based on Fantom, was attacked, and the hackers made about $13.4 million in profit, while the loss of the protocol could be even greater. The protocol suffered a similar attack on March 15.”
DUES Finance shared a recent tweet, saying that their technical team is working to solve the problem.
The dev team is working on the DEI situation.
1. User funds are safe. No users were liquidated.2. DEI lending has been temporarily halted.3. $DEI peg has been restored.
More details to follow.
— DEUS Finance DAO (@DeusDao) April 28, 2022
On March 15, DEUS Finance had a similar attack, losing around $3 million, including 200,000 DAI and 1101.8 ETH. Similar to the recent hack, the attackers manipulated DEUS’s offerings price at the time using a flash loan.
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