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According to a report from blockchain firm Blocsec, Rari Capital’s Fuse platform lost about $80 million due to a “reentry vulnerability.” On Saturday, Fei Protocol’s official Twitter account confirmed that the company lost funds due to the Rari Fuse platform vulnerability.
$80 million stolen from Rari Capital
- Another decentralized finance (defi) protocol attacker managed to swindle millions of dollars worth of cryptocurrency from the defi project. On Saturday, Blocsec, a blockchain and smart contracts auditing company, discovered that Rari Capital’s Fuse platform suffered an $80 million loss.
- “Our monitoring system found that several pools associated with [Rari Capital] and [Fei Protocol] were attacked and lost more than $80 million,” Blocsec reported on Twitter. “The root cause lies in a typical reentrancy vulnerability.” Blocsec also shared a photo of the exploit and said: “One picture is worth a thousand words.”
- This is not the first time Rari Capital has been attacked. On May 8, 2021, the project disclosed the theft of $11 million worth of ethereum. “These funds were extracted from Rari Capital’s Ethereum pool before the attacker was stopped when the contracts were paused,” Rari said at the time. “This loss equates to 60% of all user funds in Rari Capital’s Ethereum pool.”
- The attack on Saturday was also confirmed by Fei Protocol’s official Twitter account. Fei Protocol also offered the attacker a reward for returning the stolen funds.
- “We are aware of the exploit on various Rari Fuse pools. We have identified the root cause and suspended all borrowing to mitigate further damage,” Fei Protocol tweeted on April 30. “To the exploiter, please accept a $10 million reward and no questions asked if you will return the remaining user funds.”
- Of course, the defi project received a number of jabs and criticism from the crypto community. According to a recently released report, of the $1.3 billion stolen in the first quarter of 2022, 97% of the stolen cryptocurrencies came from defi exploits.
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