Hackers Steal $15.6 Million From Ethereum-Based Lending Protocol Inverse Finance

Hackers are at it again, and this time they hit it big time. According to a tweet from smart contract research company BlockSec, decentralized finance platform Fei Protocol and Rari Capital are the latest victims of cybercriminals. Fei Protocol issued a $10 million bounty to hackers in an attempt to negotiate and recover a significant […]

Deus Finance had acknowledged the exploit on its lending contract and the CEO of the firm was quick to come up with a reimbursement plan. Multi-token decentralized finance (DeFi) marketplace Deus Finance has become the latest victim of an exploit resulting in over $3 million losses in DAI and Ether (ETH).DeFi analytic firm PeckShield took to Twitter to explain the cause and manner in which the funds were exploited. The hackers behind the attack managed to exploit and manipulate price oracle for flash loans, resulting in the insolvency of users’ funds. 1/ @deusdao Deus Finance was exploited....

Blockchain records show the hackers got away with more than $2,051,159 in DAI before moving the funds to a different address. Hackers were reportedly able to exploit savings pools at Gibraltar-based decentralized finance protocol Akropolis, getting away with more than $2 million in stablecoins. The firm stated on Twitter on April 12 that it had identified a hack “executed across a body of smart contracts in the savings pools.” Akropolis said the areas targeted by the hackers had already been audited twice, and only included “Curve Y and Curve sUSD savings pools.”Ethereum blockchain records....

One of DeFi's strangest experiments continues to push the envelope in both governance and architecture. Shortly after culling its community of inactive members, one of decentralized finance’s (DeFi) strangest experiments is launching a new stablecoin lending product.On Wednesday Inverse Finance revealed the Anchor Protocol, a money market built around DOLA, a protocol-native synthetic stablecoin. Based on “a modified fork of Compound,” in a blog post Inverse Finance founder Nour Haridy compares Anchor to Synthetix, which issues credit in the form of synthetic assets back by overleveraged....

One of the major threats to businesses online, not only the crypto industry, is cybercriminals’ attacks. Even though the existing networks are supposed to be safe and secure, attackers often find loopholes to exploit them in the bid to steal investors’ funds. This is not new in the online world. There have been occasions when hackers even forced companies to shut down. The decentralized finance sector has seen a lot of growth in recent times, but the growing exploitation cases are becoming alarming. Many protocols have suffered such attacks amounting to losses to the tune of millions....