Deus Finance, a multi-token decentralized finance (DeFi) marketplace, has been the latest victim of an exploit that has resulted in over $3 million in losses in the Dai (DAI) and Ether (ETH) cryptocurrency markets.
PeckShield, a DeFi analytic firm, came to Twitter to explain the situation and how the funds were used. The attackers were able to exploit and manipulate a price oracle for flash loans, causing users’ funds to become insolvent.
The price of the pair of StableV1 AMM – USDC/DEI, which the protocol utilized to create a price oracle for its flash loans, was changed by the hackers.
Hackers took 200,000 DAI and 1101.8 ETH, according to PeckShield, and the total amount of stolen cash could be higher than the initial estimations of $3 million.
The stolen monies were then channelled through the Multichain Protocol by the hacker behind the attack, who used the currency mixer tool Tornado cash (previously known as AnySwap).
Deus Finance admitted the flaw in its lending protocol and stated that its DEI loan contract had been terminated. The DeFi protocol also claimed that the exploit had no effect on DEUS or DEI.
About Deus Finance
Deus Finance offers DeFi infrastructure to assist others in the creation of financial instruments such as synthetic stock trading platforms, options, and futures trading.
Deus Protocol’s CEO, Lafayette Tabor, used Twitter to notify the community about the repayment schemes. He stated that the developers would draft a new contract that would allow affected users to refund their loans. He elaborated:
“We will create a contract you will be able to repay your DEBT on it and get your sAMM that were liquidated, we will also implement a feature that lets you swap DEI against a small MUON allocation. (paying from my team allocation).”
