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Deus Finance, a decentralized finance utility, has been the most recent protocol to undergo a hack. Blockchain safety agency PeckShield revealed the exploit, noting that the hacker(s) stole $13.4 million from the Fantom integration of the multi-chain protocol. 

Deus Finance suffers second hack in two months 

In a thread on Twitter, PeckShield defined how the exploit was carried out. The hacker used a flash loan-assisted manipulation to change the costs of Dues’ two native dollar-pegged stablecoin token DEI.

The worth oracle of the protocols USDC/DEI pair pool was compromised, permitting the hacker to make use of the manipulated worth of the token as collateral to borrow from and drain the pool. 

2/ The hack is made doable because of the flashloan-assisted manipulation of worth oracle that reads from the StableV1 AMM – USDC/DEI pair. The manipulated worth of collateral DEI is then used to borrow and drain the pool. Sounds acquainted?https://t.co/3uk44CXo78 pic.twitter.com/ng2BYPPOiY

— PeckShield Inc. (@peckshield) April 28, 2022

The hacker’s authentic funding for the mortgage, roughly 800 ETH, was transferred from Tornado Cash and tunneled to a Fantom pockets deal with by means of Multichain. Following the profitable hack, the funds have been tunneled again to an Ethereum pockets deal with. 

While the hacker’s revenue amounted to $13.4 million, PeckShield warns that Deus’ losses could also be much more. Deus Finance, in the meantime, suffered a really related hack in March the place the hacker stole $3million. 

Following the most recent hack, DEUS, the governance token of the protocol, noticed a worth drop. The token is down round 7.35% within the final 24 hours, buying and selling at $564 per information from CryptoRank.  

Hacks increase questions concerning the safety of crypto platforms recorded

The credibility and safety of blockchain expertise proceed to be put unsure attributable to rampant hacks. So far in 2022, malicious actors have stolen over $1.5 billion from blockchain-based platforms in keeping with data from SlowMist. 

Of the round 100 reported hack occasions the platform recorded this yr, the Axie Infinity Ronin community $625 million hack was the most important up to now. The exploit additionally takes the report for the very best loss within the trade’s historical past. 

While consolation just isn’t quite common for traders who lose their belongings in such exploits, Sky Mavis, the father or mother firm of the play-to-earn protocol has promised to refund all customers that suffered losses. 

Olivia’s pursuits spans throughout the Cryptocurrency and NFT and DeFi trade. She stays as fascinated by cryptocurrencies in the present day, as she was again in 2017, when she first began studying up about them. She’s actively looking out for the most recent Crypto associated tales. When she’s not writing, she’s catering to her pet chihuahua, or curating vegan recipes. Reach me at [email protected]

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