DeFi Lender Rari Capital/Fei Loses $80M in Hack
Fei Protocol, which late last year merged with Rari, announced a $10 million bounty should the funds be returned.
Decentralized finance (DeFi) platforms Rari Capital and Fei Protocol suffered a more-than-$80 million hack early Saturday.
- The hacker exploited a reentrancy vulnerability in Rari's Fuse lending protocol, according to a tweet by smart contract analysis firm Block Sec.
Our monitoring system detected that multiple pools related to @RariCapital @feiprotocol were attacked, and lost more than 80M US dollars. The root cause is due to a typical reentrancy vulnerability. @defiprime
— BlockSec (@BlockSecTeam) April 30, 2022
https://t.co/Cbtilpbuw9
- According to a tweet from Blockchain security firm PeckShield, the same vulnerability has been used to attack other forks of the Compund DeFi protocol.
- Rari Capital acknowledged the hack, saying borrowing has been paused globally and that no further funds were at risk.
- Fei Protocol, which merged with Rari in December, offered to let the attacker keep $10 million of the stolen funds as a "bounty" if the remaining funds were returned.
We are aware of an exploit on various Rari Fuse pools. We have identified the root cause and paused all borrowing to mitigate further damage.
— Fei Protocol (@feiprotocol) April 30, 2022
To the exploiter, please accept a $10m bounty and no questions asked if you return the remaining user funds.
- Rari Capital suffered from a different attack in May of last year, which saw a hacker run away with $10.6 million in user funds.
This story is developing and will be updated.
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As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
Why it matters:
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
