The blockchain security and data analytics firm PeckShield revealed that multi-token Decentralized finance platform Deus Finance was compromised by hackers that led to $3 million in losses in DAI and Ethereum (ETH).
As per the analytics firm, the perpetrator behind the attack has managed to access price oracle for flash loans, which ultimately drove funds of many users. As per the data, The hacker fled with 200,000 DAI and 1101.8 ETH. However, the firm disclosed that the stolen fund’s amount might be larger than this.
The firm attached screenshots of data shows that the hackers got control of data and changed the price from the pair of StableV1 AMM – USDC/DEI. The code used by the protocol to change the price for its flash loans.
Deus also accepted that the protocol was compromised and stated that it has closed its $DEI lending contract. The protocol claimed that both $DEUS and $DEI are unaffected by the exploit.
Lafayette Tabor, the CEO of Deus Protocol said, “We will create a contract you will be able to repay your DEBT on it and get your sAMM that were liquidated, we will also implement a feature that lets you swap DEI against a small MUON allocation. (paying from my team allocation).”
Lafayette Tabor, the CEO of Deus Protocol came on the platform to announce the compensation plans. He stated that the developers would create a new contract where affected users will be reimbursed.
With more cash flow in the crypto, more crypto firms are getting compromised. Recently, Hackers stole $36 million worth of Bitcoin and Ether from retirement accounts held in Individual Retirement Accounts (IRA) Financial Trust Co.
