$80 million theft from the platform

Attackers stole approximately 80 million Ethereum from Rari Capital’s Fuse platform, which was caused by a smart contract code exploit.

The vulnerability has resulted in the loss of millions

A vulnerability in the Fuse software allowed attackers to access the company’s financial services by exploiting the smart contract permissions of Ethereum-based technology.

Blockchain company Blocsec announced that the Fuse platform lost around $80 million due to a reentrancy vulnerability. On Saturday, Fei Protocol’s official Twitter account confirmed that the company had lost money due to the vulnerability in the Rari Fuse platform.

Multiple attacks in a short time

Another DeFi protocol attacker has managed to siphon off millions of dollars worth of cryptocurrencies from a DeFi project. On Saturday, Blocsec revealed that Rari Capital’s Fuse platform suffered an $80 million loss. Blocec said:

Our monitoring system has identified several pools related to [Rari Capital] and [Fei Protocol] were attacked and lost over $80 million. […] The cause can be attributed to a typical reentrancy vulnerability.

Rari Capital has been the victim of cyberattacks in the past. On May 8, 2021, they were attacked by hackers who forked for $11 million worth of Ethereum. At the time, Rari Capital said the following:

These funds were withdrawn from Rari Capital’s Ethereum pool before the attacker was arrested when the contracts were suspended. […] This loss represents 60% of the funds of all users of Rari Capital’s Ethereum pool.

$10 million bounty

Saturday’s attack was also confirmed by the official Fei Protocol Twitter account. The official Twitter account also put a bounty on the attacker’s head to return the stolen funds:

In the cryptocurrency space, the Defi project has faced a number of criticisms and accusations. It was recently revealed that 97% of cryptocurrency thefts in the first quarter of 2022 were due to vulnerabilities in the Defi platform.

Eva Steinmetz shows great interest in the topics of cryptocurrencies, tokenization and artificial intelligence to optimize existing systems, such as real estate or the financial sector. In this context, the focus is on the changes in the regulation of cryptocurrencies around the world.

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