Multi-token decentralized finance (DeFi) marketplace Deus Finance has become the latest victim of an exploit resulting in over $3 million losses in DAI and Ether (ETH).
DeFi analytic firm PeckShield took to Twitter to explain the cause and manner in which the funds were exploited. The hackers behind the attack managed to exploit and manipulate price oracle for flash loans, resulting in the insolvency of users’ funds.
1/ @deusdao Deus Finance was exploited in https://t.co/bfYCQcz5rZ, leading to the gain of ~$3M for the hacker (The protocol loss may be larger), including 200,000 DAI and 1101.8 ETH
The hackers manipulated the price from the pair of StableV1 AMM - USDC/DEI, using which the protocol used to set price oracle for its flash loans.
PeckShield revealed that hackers managed to steal 200,000 DAI and 1101.8 ETH, and the total amount of stolen funds could be larger than the early estimates of $3 million.
The hacker behind the attack then funneled the stolen funds using the coin mixer tool Tornado cash via Multichain protocol (previously known as AnySwap).
Related: Altcoin Roundup: DeFi token prices are down, but utility is on the rise
Deus Finance acknowledged the exploit on its lending protocol and claimed it has closed its $DEI lending contract. The DeFi protocol also claimed that both $DEUS and $DEI are unaffected by the exploit.
We are aware of the recent exploit reports regarding the $DEI lending contract.Contract has been closed, both $DEUS & $DEI are unaffected. Devs are working on a summary of the events, all information will be communicated once we have assessed the full situation.
Deus Finance provides DeFi infrastructure to help others create financial instruments including synthetic stock trading platforms,
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