DeFi Lender Rari Capital/Fei Loses $80M in Hack

Fei Protocol, which late last year merged with Rari, announced a $10 million bounty should the funds be returned.

Apr 30, 2022 at 4:48 p.m. UTC
Updated May 2, 2022 at 4:39 p.m. UTC

Kevin Reynolds is Editor in Chief at CoinDesk. He owns bitcoin, ether, polygon and solana.

Sam is a reporter at CoinDesk focused on decentralized technology, DeFi and DAOs. He owns ETH, BTC and MATIC.

Decentralized finance (DeFi) platforms Rari Capital and Fei Protocol suffered a more-than-$80 million hack early Saturday.

  • The hacker exploited a reentrancy vulnerability in Rari's Fuse lending protocol, according to a tweet by smart contract analysis firm Block Sec.
  • According to a tweet from Blockchain security firm PeckShield, the same vulnerability has been used to attack other forks of the Compund DeFi protocol.
  • Rari Capital acknowledged the hack, saying borrowing has been paused globally and that no further funds were at risk.
  • Fei Protocol, which merged with Rari in December, offered to let the attacker keep $10 million of the stolen funds as a "bounty" if the remaining funds were returned.
  • Rari Capital suffered from a different attack in May of last year, which saw a hacker run away with $10.6 million in user funds.

This story is developing and will be updated.


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Kevin Reynolds is Editor in Chief at CoinDesk. He owns bitcoin, ether, polygon and solana.

CoinDesk - Unknown

Sam is a reporter at CoinDesk focused on decentralized technology, DeFi and DAOs. He owns ETH, BTC and MATIC.

CoinDesk - Unknown

Kevin Reynolds is Editor in Chief at CoinDesk. He owns bitcoin, ether, polygon and solana.

CoinDesk - Unknown

Sam is a reporter at CoinDesk focused on decentralized technology, DeFi and DAOs. He owns ETH, BTC and MATIC.

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