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DeFi and Credit Risk
Rari Capital was robbed of $80 million
- Another attacker has succeeded to steal millions of dollars in cryptocurrency from a decentralized finance (defi) initiative. Blocsec, a blockchain and smart contract auditing business, disclosed on Saturday that Rari Capital's Fuse platform had lost $80 million.
- Blocsec tweeted, "Our monitoring system identified that many pools associated to [Rari Capital] and [Fei Protocol] were hacked, resulting in a loss of more than 80 million US dollars." "A classic reentrancy vulnerability is the fundamental reason." "One image is worth a thousand words," Blocsec said beside a photo of the exploit.
- This isn't the first time that Rari Capital has been targeted. On May 8, 2021, the project disclosed that $11 million worth of ethereum had been stolen. Rari announced at the time, "These money were stolen from Rari Capital's Ethereum Pool before the attacker was halted when the contracts were suspended." "This loss equals to 60% of the Rari Capital Ethereum Pool's total user assets."
- Fei Protocol's official Twitter account also acknowledged the hack on Saturday. Fei Protocol also promised the attacker a reward if the monies were returned.
- "We've discovered an exploit on several Rari Fuse pools. On April 30, Fei Protocol tweeted, "We have uncovered the main cause and have suspended any borrowing to prevent additional damage." "To the exploiter, if you return the remaining user monies, please receive a $10 million bounty with no questions asked."
- The defi initiative was met with a barrage of insults and criticism from the crypto community. According to a newly released research, defi exploits were responsible for 97 percent of the $1.3 billion in stolen cryptocurrency in the first quarter of 2022.
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