{"id":16484,"date":"2023-05-06T13:01:35","date_gmt":"2023-05-06T17:01:35","guid":{"rendered":"https:\/\/demo2.dedicatedhost247.com\/crypto\/deus-finance-loses-6m-following-stablecoin-hack\/"},"modified":"2023-05-06T13:01:35","modified_gmt":"2023-05-06T17:01:35","slug":"deus-finance-loses-6m-following-stablecoin-hack","status":"publish","type":"post","link":"https:\/\/demo2.dedicatedhost247.com\/crypto\/deus-finance-loses-6m-following-stablecoin-hack\/","title":{"rendered":"DEUS Finance loses $6M following stablecoin hack"},"content":{"rendered":"<p> <br \/>\n<br \/><img src=\"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=840\/https:\/\/s3.cointelegraph.com\/uploads\/2023-05\/771cde42-9f76-4d90-84ca-4548346821d7.jpg\" \/><\/p>\n<div data-v-2ab31f4e=\"\">\n<p>Decentralized Finance (DeFi) protocol DEUS has lost over $6 million due to a security breach on its stablecoin DEI. The hacker exploited a vulnerability in the BNB Smart Chain (BSC) on May 5, according to blockchain security firm PeckShield.\u00a0<\/p>\n<p>A bot initiated the hack on the BSC, which led to a loss of more than $1.3 million. The attacker also targeted the Arbitrum network, with ARB\/ETH deployments losing over $5 million. Twitter users <a href=\"https:\/\/twitter.com\/adamb83024264\/status\/1654558408803250176\" target=\"_blank\" rel=\"noopener nofollow noreferrer\">claimed<\/a> the token contract had a basic implementation error as the root cause.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Hi <a href=\"https:\/\/twitter.com\/DeusDao?ref_src=twsrc%5Etfw\">@DeusDao<\/a>: it appears to be a pubic burn vulnerability with loss &gt; $1.3M alone at BSC. The ARB\/ETH deployments are also affected.<\/p>\n<p>The BSC hack was successfully frontrun by a bot: <a href=\"https:\/\/t.co\/hXskQOIfwV\">https:\/\/t.co\/hXskQOIfwV<\/a><\/p>\n<p>The DEI token @ BSC was upgraded  on Apr-10-2023 <a href=\"https:\/\/t.co\/QJHwnZaXMk\">https:\/\/t.co\/QJHwnZaXMk<\/a> <a href=\"https:\/\/t.co\/C51CnVsg1B\">pic.twitter.com\/C51CnVsg1B<\/a><\/p>\n<p>\u2014 PeckShield Inc. (@peckshield) <a href=\"https:\/\/twitter.com\/peckshield\/status\/1654626667787321344?ref_src=twsrc%5Etfw\">May 5, 2023<\/a><\/p><\/blockquote>\n<p>The protocol <a href=\"https:\/\/twitter.com\/DeusDao\/status\/1654808611263246336\" target=\"_blank\" rel=\"noopener nofollow noreferrer\">confirmed<\/a> the attack, paused all contracts, and burned DEI tokens to prevent any further damage. &#8220;We are currently in the process of comprehending the actual backing of DEI tokens,&#8221; said DEUS team on Twitter, adding that a &#8220;comprehensive recovery and redemption plan&#8221; will be created after a full analysis of the balances and snapshots.<\/p>\n<p><strong><em><a href=\"https:\/\/cointelegraph.com\/news\/darknet-hackers-are-selling-crypto-accounts-for-as-low-as-30-a-pop\">Related:\u00a0Darknet hackers are selling crypto accounts for as low as $30 a pop<\/a><\/em><\/strong><\/p>\n<p>DEI is used as a collateral mechanism for third-party instruments built on Fantom protocol. Its price dropped 30% over the past 24 hours, data from CoinMarketCap <a href=\"https:\/\/coinmarketcap.com\/currencies\/dei\/\" target=\"_blank\" rel=\"noopener nofollow noreferrer\">shows<\/a>. The stablecoin is trading at $0.20 at the time of writing, losing its $0.30 peg. Last year, the stablecoin also <a href=\"https:\/\/cointelegraph.com\/news\/deus-finance-s-dollar-pegged-stablecoin-dei-falls-below-60-cents\">lost its $1 peg in the wake of Terraform Labs collapse.\u00a0<\/a><\/p>\n<p>It is not the first time that DEUS Finance has been hacked. The protocol was <a href=\"https:\/\/cointelegraph.com\/news\/deus-finance-exploit-hackers-get-away-with-3m-worth-of-dai-and-ether\">exploited in March 2022 in a flash-loan attack<\/a>, resulting in over $3 million losses in Dai (<a href=\"https:\/\/cointelegraph.com\/dai-price-index\">DAI<\/a>) and Ether (<a href=\"https:\/\/cointelegraph.com\/ethereum-price\">ETH<\/a>). At the time, Peckshield revealed the exploiters funneled the stolen funds using the coin mixer tool Tornado cash.<\/p>\n<p>DEUS Finance is a decentralized marketplace that allows digital assets and non-digital assets, such as commodities, to be traded on the Ethereum blockchain. <\/p>\n<p><a href=\"https:\/\/cointelegraph.com\/magazine\/4-out-of-10-nft-sales-are-fake-learn-to-spot-the-signs-of-wash-trading\/\"><strong><em>Magazine:<\/em><\/strong><\/a><strong><em> <\/em><\/strong><a href=\"https:\/\/cointelegraph.com\/magazine\/4-out-of-10-nft-sales-are-fake-learn-to-spot-the-signs-of-wash-trading\/\"><strong><em>4 out of 10 NFT sales are fake: Learn to spot the signs of wash trading<\/em><\/strong><\/a><\/p>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"\/><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/deus-finance-loses-6m-following-stablecoin-hack\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Decentralized Finance (DeFi) protocol DEUS has lost over $6 million due to a security breach on its stablecoin DEI. The hacker exploited a vulnerability in the BNB Smart Chain (BSC) on May 5, according to blockchain security firm PeckShield.\u00a0 A bot initiated the hack on the BSC, which led to a loss of more than $1.3 million. The attacker also targeted the Arbitrum network, with ARB\/ETH deployments losing over $5 million. Twitter users claimed the token contract had a basic implementation error as the root cause. Hi @DeusDao: it appears&hellip;<\/p>\n","protected":false},"author":1,"featured_media":16485,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[38],"tags":[6746,501,2184,928,1034],"_links":{"self":[{"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/posts\/16484"}],"collection":[{"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/comments?post=16484"}],"version-history":[{"count":0,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/posts\/16484\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/media\/16485"}],"wp:attachment":[{"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/media?parent=16484"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/categories?post=16484"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/tags?post=16484"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}