bitcoinBTC/USD
$ 19,734.40
ethereumETH/USD
$ 1,126.59
tetherUSDT/USD
$ 1.00
cardanoADA/USD
$ 0.454777
xrpXRP/USD
$ 0.320044
usd-coinUSDC/USD
$ 1.00

Attack on DEUS Finance Leaves DeFi Hacker with $13.4 Million

DEUS Finance DAO Hacked, Losing $13 Million

This morning, DEUS Finance DAO was attacked. The hacker managed to steal $13.3 million. 

The DEUS Finance DAO is the recent victim of a severe attack on the DeFi protocol. The DeFi project is a multi-chain initiative that runs on Ethereum, Fantom, and various other Layer 1 networks.

As data reveals, an attacker took advantage of a flash loan to target a DEUS liquidity pool on Fantom. People can get flash loans from the early Ethereum DeFi project Aave. If they pay back the loan in the same transaction, they do not need to put down anything of value. Flash loans are a DeFi innovation. However, they have been controversial due to their role in many multi-million dollar hacks.

Diving Into The Hack

There are obvious parallels between this attack and other previous ones. Blockchain security firm PeckShield’s tweet shares the insights of the hack. The hacker utilized the loan to manipulate a pricing oracle in order to artificially increase the price of DEUS’ DEI stablecoin. Afterward, they did a trade for USDC in which they pledged the DEI as collateral for a loan. After paying the loan, they left with around $13.4 million.

Following on, the hacker moved the money from Fantom to Ethereum and used Tornado Cash. Tornado Cash is an Ethereum-based privacy protocol that is used to move the money to a “clean” address.

According to an update from DEUS, user funds are safe. Currently, DEI loans have been put on hold. In addition, the company also said that it would give more information later on. After a $3 million flash loan scam last month, it will have to explain itself.

Also read:

Related News

In order to share their doubts about the industry, the first anti-crypto conference attendees are hoping to get a word with officials from the government.

Crypto Policy Symposium 2022: The First Anti-Crypto Conference

In order to share their doubts about the industry, the first anti-crypto conference attendees are hoping to get a word with officials from the government. Critics of the industry and doubters have joined together to host their own anti-crypto conference where they can express their doubts and connect with legislators in the midst of the most recent crypto bear market. The Crypto Policy Symposium promises to provide skeptics a platform

Read More »
One of the co-founders of OpenSea, the largest Non-Fungible Token (NFT) market in the Web 3.0 ecosystem, Alex Atallah, has stated that by the end of July, he will step down as active manager while remaining on the board.

Co-Founder Of OpenSea Announces He Is Stepping Down As Active Manager

One of the co-founders of OpenSea, the largest Non-Fungible Token (NFT) market in the Web 3.0 ecosystem, Alex Atallah, has stated that by the end of July, he will step down as active manager while remaining on the board. Atallah, who co-founded OpenSea with CEO Devin Finzer in 2017, has played a significant role in the growth of the business. His responsibilities have included community and marketing and product development, among other

Read More »
Updates have been provided on the current service freeze and new recovery efforts were outlined by the company.

Potential Solutions Are Being Considered By Celsius

Strategic deals and liabilities restructuring are being explored by Celsius. Updates have been provided on the current service freeze and new recovery efforts were outlined by the company. On June 12th, all transitions, withdrawals, and swaps were put on pause by Celsius and as of now, the company is looking for ways to recover. “Important steps to preserve and protect assets and explore options” are being taken by the company, per

Read More »

My Coins

bitcoinBitcoin
$ 19,734.401.79%
ethereumEthereum
$ 1,126.595.45%
cardanoCardano
$ 0.4547770.61%
tetherTether
$ 1.000.24%

Newest Videos on YouTube

We inform and educate people about Cryptocurrencies and Blockchain technology.

© Copyright 2021, All Rights Reserved,
Crypto Academy

Bitcoin

Contact Us

For any question conatct us through:

sales@crypto-academy.org

Disclaimer: All information and materials on this website are for educational purposes only. Crypto-academy.org does not provide any form of financial advice. Cryptocurrencies are highly volatile, therefore any form of investing carries a high level of risk to your capital. It is recommended that you seek professional advice prior to implementing any investment or financial plan.

We do not ask you for your Cryptocurrency / We do not hold your Coins / We do not ask for Private Keys / Be aware of scammers and imposters.

Contact us only through: sales@crypto-academy.org