Fei Protocol hit by over $80M exploit on Saturday

According to a report by blockchain company Blocsec, the Rari Capital Fuse platform lost approximately $80 million due to a hacker attack. On Saturday, the official Fei Protocol Twitter account confirmed that it had lost funds from the Rari Fuse platform exploit.

Another attacker, as a result of an attack on a decentralized finance protocol, managed to withdraw millions of dollars worth of cryptocurrency. On Saturday, blockchain and smart contract audit firm Blocsec reported that platform Fuse Rari Capital suffered an $80 million loss.

“Our monitoring system has detected that several pools associated with Rari Capital and the Fei Protocol have been attacked and lost over $80 million,” Blocsec tweeted. “The root cause is related to a typical login vulnerability.”

This is not the first time Rari Capital has been under attack. On May 8, 2021, the project reported that $11 million worth of Ethereum had been stolen. “These funds were pulled from Rari Capital’s Ethereum Pool before the attacker was stopped when the contracts were locked,” Rari Capital reported at the time. “This loss represents 60% of all user funds in the Rari Capital Ethereum pool.”

The exploit on Saturday was also confirmed by the official Fei Protocol Twitter account. The Fei protocol also offered the hacker a reward for returning stolen funds.

“We are aware of the exploit on various Rari pools. We have identified the root cause and suspended all borrowing to mitigate further damage,” Fei Protocol tweeted April 30. “We are offering a $10 million no questions asked reward if you return the remaining user funds.”

Of course, the DeFi project has received a number of blows and criticism from the crypto community. A recently published report shows that of the $1.3 billion worth of stolen cryptocurrencies in the first quarter of 2022, 97% of stolen funds were related to DeFi exploits.