<p>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 a price oracle for flash loans, resulting in the insolvency of users’ funds. </p><p>The hackers manipulated the price from the pair of StableV1 AMM – USDC/DEI, which the protocol used to set a price oracle for its flash loans. </p>

Price manipulation on oracle

<p>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. </p><p>The hacker behind the attack then funneled the stolen funds using the coin mixer tool Tornado cash via the Multichain Protocol (previously known as AnySwap). </p>

retrieval of funds

<p>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. </p>

Contract Closed upon acknowledgement

<p>Lafayette Tabor, the CEO of Deus Protocol, took to Twitter to inform the community about the reimbursement plans. He said that the developers would create a new contract where affected users would be able to repay their loans.</p><p>“We will create a contract you will be able to repay your DEBT on it and get your sAMM that were liquidated, we will also implement a feature that lets you swap DEI against a small MUON allocation. (paying from my team allocation).”</p>

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<p itemprop="description" data-v-128018ef=""> Deus Finance had acknowledged the exploit on its lending contract and the CEO of the firm was quick to come up with a reimbursement plan.  </p><div data-v-c9d4ad56=""><span data-v-c9d4ad56=""> 3189 </span></div><div data-v-c9d4ad56=""><span data-v-c9d4ad56=""> Total views </span></div><div><span hidden="hidden"> News </span></div><p dir="ltr">Multi-token decentralized finance (DeFi) marketplace&nbsp;Deus Finance has become the latest victim of an exploit resulting in over $3 million losses in the Dai (DAI) and Ether (<a href="https://cointelegraph.com/ethereum-price" dir="ltr">ETH</a>).</p><p>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 a price oracle for flash loans, resulting in the insolvency of users’ funds. </p><p>The hackers manipulated the price from the pair of StableV1 AMM – USDC/DEI, which the protocol used to set a price oracle for its flash loans.</p><figure><img src="https://s3.cointelegraph.com/uploads/2022-03/70dad95d-a051-4f90-92ef-2bf15902c6a8.jpg" width="638" height="214"><figcaption dir="auto">Example of Price Manipulation Source: PeckShield</figcaption></figure><p>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. </p><p>The hacker behind the attack then funneled the stolen funds using the coin mixer tool Tornado cash via the Multichain Protocol (previously known as AnySwap).</p><figure><img src="https://s3.cointelegraph.com/uploads/2022-03/52c7dd5a-202d-4d1c-96aa-59907efd0270.jpg" width="638" height="244"><figcaption dir="auto">Stolen Funds Washed through TornadoCash Source: EtherScan</figcaption></figure><p>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.</p><p>Deus Finance provides DeFi infrastructure to help others create financial instruments including synthetic stock trading platforms, options and futures trading.</p><p dir="ltr">Lafayette Tabor, the CEO of Deus Protocol, took to Twitter to inform the community about the reimbursement plans. He said that the developers would create a new contract where affected users would be able to repay their loans. He <a href="https://twitter.com/lafachief/status/1503678891386359808?s=20&amp;t=7LdfHrWJhnxusfsmBQpa4w" rel="noopener nofollow" dir="ltr">explained</a>:</p><BLOCKQUOTE>“We will create a contract you will be able to repay your DEBT on it and get your sAMM that were liquidated, we will also implement a feature that lets you swap DEI against a small MUON allocation. (paying from my team allocation).”</BLOCKQUOTE><div> DELIVERED EVERY FRIDAY </div><div dir="ltr">Subscribe to the Finance Re<span dir="ltr">defi</span>ned newsletter</div><div><label for="input">Email Address</label></div><div><button type="submit"> Subscribe </button></div>

Deus Finance provides DeFi infrastructure to help others create financial instruments including synthetic stock trading platforms, options and futures trading.

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<p>Deus Finance had acknowledged the exploit on its lending contract and the CEO of the firm was quick to come up with a reimbursement plan. </p>

<p>Multi-token decentralized finance (DeFi) marketplace Deus Finance has become the latest victim of an exploit resulting in over $3 million losses in the Dai (DAI) and Ether (<a href="https://cointelegraph.com/ethereum-price">ETH </a>). </p>

<p>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 a price oracle for flash loans, resulting in the insolvency of users’ funds. </p>

<p>The hackers manipulated the price from the pair of StableV1 AMM – USDC/DEI, which the protocol used to set a price oracle for its flash loans. </p>

<p>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. </p>

<p>The hacker behind the attack then funneled the stolen funds using the coin mixer tool Tornado cash via the Multichain Protocol (previously known as AnySwap). </p>

<p>Deus Finance provides DeFi infrastructure to help others create financial instruments including synthetic stock trading platforms, options and futures trading. </p>

<p>Lafayette Tabor, the CEO of Deus Protocol, took to Twitter to inform the community about the reimbursement plans. He said that the developers would create a new contract where affected users would be able to repay their loans. He <a href="https://twitter.com/lafachief/status/1503678891386359808?s=20&t=7LdfHrWJhnxusfsmBQpa4w">explained </a>: </p>

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Deus Finance exploit: Hackers get away with $3M worth of DAI and Ether

Price manipulation on oracle

retrieval of funds

Contract Closed upon acknowledgement

User Care

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Deus Finance exploit: Hackers get away with $3M worth of DAI and Ether

Price manipulation on oracle

retrieval of funds

Contract Closed upon acknowledgement

User Care

IDEAS ABOUT

MORE LIKE THIS

Everything you need to know About DeFi Loans

What Are Liquidity Pools in DeFi and How Do They Work? | Binance Academy

What is decentralized finance? An expert on bitcoins and blockchains explains the risks and rewards of DeFi

It's time to

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Bite-sized knowledge
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