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.

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

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.

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