cryptopolitan.com
TL;DR Breakdown:
- At least $3 million in cryptocurrency has been stolen from Deus Finance.
- The hacker tricked the oracle contract into the pricing of the LP using flash loans.
- DEUS token is down 30% from the all-time high yesterday.
Multi-asset marketplace for decentralized financial services Deus Finance has been reportedly hit with a price manipulation attack, blockchain security and analytics company PeckShield reported Tuesday.
1/ @deusdao Deus Finance was exploited in https://t.co/bfYCQcz5rZ, leading to the gain of ~$3M for the hacker (The protocol loss may be larger), including 200,000 DAI and 1101.8 ETH
— PeckShield Inc. (@peckshield) March 15, 2022
“The hack is made possible due to the flashloan-assisted manipulation of the price oracle that reads the price from the pair of StableV1 AMM – USDC/DEI, so that even normal users unfortunately become insolvent,” PeckShield explained.
Deus Finance loses $3M in latest DeFi exploit
The hacker gained at least $3 million in cryptocurrency by exploiting Deus Finance, including 200,000 DAI and 1101.8 ETH. The Deus Finance team notified users on Telegram that they are aware of the situation. However, they didn’t confirm the losses.
“Devs are fully aware of the situation and funds are safe. The issue is with the borrowing feature. The exploiter tricked the oracle contract (not the same as the Muon oracle) into the pricing of the LP using flash loans,” the team explained.
Deus Finance assured users all funds are safe and that “there won’t be a second exploit.”
We are aware of the recent exploit reports regarding the $DEI lending contract.
— DEUS Finance DAO (@DeusDao) March 15, 2022
Contract has been closed, both $DEUS & $DEI are unaffected. Devs are working on a summary of the events, all information will be communicated once we have assessed the full situation.
Just after ATH
DEUS Finance is a marketplace of decentralized financial services that also provides the infrastructure for others to develop synthetic stock trading platforms, options, and futures trading.
The development today comes barely a day after the native cryptocurrency DEUS reached an all-time high (ATH) of $444.79, according to CoinGecko. At the moment, DEUS is 30% down from its ATH, probably due to this incident.
The token currently trades at $286, a 19.3% price decline over the 24 hours. The market capitalization also sits around $42,883,771 from the 140,000 DEUS in circulation, per CoinGecko.
Earlier this month, Treasure marketplace was exploited which led to the loss of users NFTs listed on the platform. However, all the stolen NFTs have been returned.