DeFi project Rari Capital lost $80M in a hack
- May 1, 2022
- 0
An unknown person has withdrawn nearly $80 million worth of assets from Rari Capital’s decentralized finance protocol, which is stored in Fuse loan pools. Our monitoring system has
An unknown person has withdrawn nearly $80 million worth of assets from Rari Capital’s decentralized finance protocol, which is stored in Fuse loan pools.
Our monitoring system has detected that there are multiple repositories related to: @RariBaskent @feiprotokol was hacked and lost more than US$80 million. The root cause is due to a typical re-entry vulnerability. @defiprime
https://t.co/Cbtilpbuw9— BlockSec (@BlockSecTeam) April 30, 2022
Smart contract auditing firm BlockSec cited a “typical reentry vulnerability” in the code of the Fei Protocol project as the cause of the attack.
developers approved The information suspended cryptocurrency loans and offered the hacker a $10 million payment to return the stolen funds.
We’ve identified an exploit in Fuse Arbitrum and borrowing has been disabled while we continue to investigate.
Updates will continue to be shared. https://t.co/usL0afFfeT
— Rari Capital (@RariCapital) May 1, 2022
After the event, the price of Rari Governance Token (RGT) dropped 20% to $11.5.
Recall that in May 2021, Rari Capital lost 2600 ETH as a result of a hack.
Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
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