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April 28, 2022

Deus Finance hacked for over $13 million

The DeFi protocol, Deus Finance, has recently been attacked, with hackers siphoning out $13.4 million in cryptocurrency, according to blockchain security firm PeckShield, which notified on Twitter in the early hours of Thursday. PeckShield speculated that the quantity lost might be more.

According to the security firm’s research, the assault looks to be a flash loan exploit. The hackers modified the USDC/DEI pair’s price oracle, then borrowed and drained the pool using the falsified price of collateral DEI.

To eliminate traces, the monies are now being handled through Tornado Cash, an Ethereum mixer.

The Deus Finance team verified the breach a few hours later, assuring customers that their assets are secure and that the DEI peg has been restored.

The exploit lowered the value of DEUS, the protocol’s native token. DEUS is down 6.50 percent in the last 24 hours and is currently trading at $584.83.

Unfortunately, this will be the protocol’s second attack in less than two months, with both carried out using a similar method.

In March, it was revealed that Deus Finance suffered a flash loan vulnerability, with hackers taking almost $3 million from the network, including 200,000 DAI ($200,000) and 1101.8 ETH.

With DeFi protocols gaining investors and recording considerable numbers, they have now become a key target for thieves.

Inverse Finance, a DeFi protocol, was attacked earlier this month, with hackers obtaining around $15 million.

Another protocol, Beanstalk, was recently hacked for nearly $180 million using a flash loan attack.

According to a recent research by blockchain analytics firm Chainalysis, 97 percent of the cryptocurrency stolen in the first three months of this year came via DeFi protocols, a 72 percent increase from 2021.

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