Rari Capital, a decentralized finance (DeFI) platform, has recently been hacked for more than $80 million in various crypto assets held in multiple lending pools.
In a recent tweet by the smart contract audit company BlockSec, an unknown hacker targeted Rari Capital’s Fuse platform, a protocol that enables DeFi developers to create lending markets.
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According to the firm, the hacker took advantage of a reentrancy vulnerability in the protocol’s smart contract. Among those losing funds as reported by BlockSec is Fei Protocol, a development team that runs a decentralized US dollar-pegged stablecoin called Fei USD.
The team at Fei Protocol oversees the lending markets on Fuse, where users can deposit funds for an annual yield and also take loans in form of FEI stablecoin.
BlockSec tweeted, “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.”
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
https://t.co/Cbtilpbuw9— BlockSec (@BlockSecTeam) April 30, 2022
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Fei Protocol Begs Hacker to Receive $10 Million Bounty
Fei Protocol also confirmed the unfortunate incident via its official Twitter handle a few hours ago. In the tweet, Fei said the loophole has been identified, begging the exploiter to accept $10 million if he returns the stolen funds.
Fei Protocol tweeted, “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. To the exploiter, please accept a $10m bounty and no questions asked if you return the remaining user funds.”
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.
To the exploiter, please accept a $10m bounty and no questions asked if you return the remaining user funds.
— Fei Protocol (@feiprotocol) April 30, 2022
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