Hacker exploited Fei Protocol for $80 million
Ethereum-based DeFi platforms Rari Capital and Fei Protocol lost around $80 million worth of tokens in an exploit on Saturday, according to on-chain data.
In a series of transactions, the attacker apparently transferred around $80 million of Wrapped Ethereum from the protocol to his personal wallet.
Fei Protocol also posted a tweet saying they are aware of an exploit in several Rari Fuse pools. They suspended all borrowing operations on them to prevent further stealing of funds. The protocol offered the hacker a $10 million bounty for returning stolen funds.
The cause of the exploit is reportedly due to a typical reentrancy vulnerability, a common vulnerability in Ethereum-based smart contracts.
Fei is an Ethereum-based protocol that uses tokenomics to maintain the 1:1 dollar peg for its stablecoin Fei USD.
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