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.

AccessTimeIconApr 30, 2022 at 4:48 p.m. UTC
Updated May 11, 2023 at 5:35 p.m. UTC

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.
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    • 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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