Hackers stole +80M from DeFi platforms Rari Capital and Fei Protocol

May 1, 2022  By Pierluigi Paganini


Threat actors exploited a bug in the Fuse protocol used by DeFi platforms Rari Capital and Fei Protocol and stole more than $80 million.

Threat actors stole more than $80 million from the decentralized finance (DeFi) platforms Rari Capital and Fei Protocol on Saturday. Researchers from smart contract analysis firm Block Sec reported that attackers exploited a reentrancy bug in Rari’s Fuse lending protocol.

Rari Capital paused borrowing globally in response to the hack and ensured that all other funds are secure.

According to CoinDesk, Fei Protocol, which merged last December with Rari, offered to crooks behind the hack a $10 million “bounty” if they will return the stolen funds. The Fei Protocol development team runs a decentralized stablecoin called Fei USD

Researchers from Blockchain security firm PeckShield confirmed that the same reentrancy vulnerability exploited in the cyber heist was also used to target forks of the Compund DeFi protocol.

The attacks against the DeFi protocol are increasing, PeckShield researchers reported that as of May 1, 2022, the exploits have netted $1.57 billion from DeFi.

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Pierluigi Paganini

(SecurityAffairs – hacking, Rari)

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Pierluigi Paganini
Pierluigi Paganini is member of the ENISA (European Union Agency for Network and Information Security) Threat Landscape Stakeholder Group and Cyber G7 Group, he is also a Security Evangelist, Security Analyst and Freelance Writer. Editor-in-Chief at "Cyber Defense Magazine", Pierluigi is a cyber security expert with over 20 years experience in the field, he is Certified Ethical Hacker at EC Council in London. The passion for writing and a strong belief that security is founded on sharing and awareness led Pierluigi to find the security blog "Security Affairs" recently named a Top National Security Resource for US. Pierluigi is a member of the "The Hacker News" team and he is a writer for some major publications in the field such as Cyber War Zone, ICTTF, Infosec Island, Infosec Institute, The Hacker News Magazine and for many other Security magazines. Author of the Books "The Deep Dark Web" and “Digital Virtual Currency and Bitcoin”.





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