Saturday, May 25, 2024
HomeCryptocurrencyHacker to Receive $10 Million If He Returns $80 Million Stolen From...

Hacker to Receive $10 Million If He Returns $80 Million Stolen From Rari Capital’s Lending Pools

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.

Read Also: Hacker Who Got $250k Bounty from Coinbase for Exposing Bug That Made Him Buy 50 BTC Using 50 SHIB

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.”

Read Also: NFTs worth Millions of Dollars Swiped On OpenSea by a Hacker. Investigation Ongoing

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.”

<

Follow us on Twitter, Facebook, Telegram, and Google News

 

Tobi Loba
Tobi Loba
Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.
RELATED ARTICLES

Latest News & Articles