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Home News DeFi News

Deus Finance loses $3M worth of DAI and Ether to hackers

Joy Dahunsi by Joy Dahunsi
11 months ago
in DeFi News, News
Reading Time: 3 mins read
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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.
Deus Finance loses $3M worth of DAI and Ether to hackers

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.

1/ @deusdao Deus Finance was exploited in https://t.co/bfYCQcz5rZ, leading to the gain of ~$3M for the hacker (The protocol loss may be larger), including 200,000 DAI and 1101.8 ETH

— PeckShield Inc. (@peckshield) March 15, 2022

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.

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Example of Price Manipulation Source: PeckShield

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).

Stolen Funds Washed through TornadoCash Source: EtherScan

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.

We are aware of the recent exploit reports regarding the $DEI lending contract.

Contract has been closed, both $DEUS & $DEI are unaffected. Devs are working on a summary of the events, all information will be communicated once we have assessed the full situation.

— DEUS Finance DAO (@DeusDao) March 15, 2022

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).”

Tags: # Ether#DAI#Deus Finance#Hackers
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