Fantom’s Deus Finance hacked again for over $13 million

Biggest hacks of this week - 15th August

TL;DR Breakdown:

  • Deus Finance has suffered another flash loan attack.
  • At least, $13 million in crypto was drained from the pool.
  • The crypto industry has lost over $650 million so far in 2022.

Deus Finance, a decentralized derivatives protocol based on Fantom, has suffered another flash loan attack, just weeks after it lost about $3 million in a similar exploit. This happened despite the devs previously assured users that there won’t be a “second exploit.” 

Deus Finance hacked for $13 million

As blockchain security firm PeckShield explained, the hacker manipulated the price of Deus Finance collateral stablecoin DEI through a flash loan attack, to amass about $13.4 million, but the “the protocol loss may be larger.” DEI is a cross-chain stablecoin used as the collateral backing the financial instruments built on Deus Finance. 

Please note that all user funds are safe and that no users were liquidated. The devs are still investigating the full scope of the situation and further details will follow soon.

Deus Finance

At the moment, the hacker’s wallet has a balance of 27.1 ETH or the equivalent of $78,257. The transaction history of the wallet shows the hacker moving the stolen funds to Tornado Cash, an Ethereum mixer protocol, in several batches of 100 ETH. 

This marks the second time Deus Finance suffered a flash loan attack. As recently as March 15, the protocol’s oracle contract was also exploited, netting the hacker about $3 million, including 200,000 DAI and 1101.8 ETH.

Following the incident today, the native cryptocurrency of the protocol DEUS is down over 15% on the 24 hours timeframe, at the current price of $510.87 per Coingecko. The market cap is also down to $48,059,318. 

Over $650m lost in four months

Barely four months into 2022 and the cryptocurrency industry has already recorded at least $650 million in crypto losses due to hacks. The biggest so far is Ronin Network, which was reportedly attacked by North Korea’s infamous hacking group, Lazarus Group. The network lost about $625 million in crypto, some of which have been withdrawn by the hackers through Tornado Cash. 

Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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