A hacker discovered the bi-lateral over-the counter (OTC derivatives) platform Deus Finance and breached another decentralized finance protocol (defi). Peckshield published a Twitter post-mortem thread that revealed Deus had lost approximately $3 million in ethereum, and DAI.
3 Million from Defi Protocol deus Finance stolen by an attacker via Price Oracle Exploit
After reports that Deus Finance, a defi app for crypto asset management and defi applications was siphoned off to get $3 million worth of crypto assets, the crypto community is now discussing another hack. Peckshield, a security and defi analytics firm, explained the events on Twitter.
“Deus Finance was exploited — leading to the gain of ~$3M for the hacker (The protocol loss may be larger), including 200,000 DAI and 1101.8 ETH,” Peckshield said. Further, the defi Analytics company added:
The hack is made possible due to the flashloan-assisted manipulation of price oracle that reads the price from the pair of StableV1 AMM – USDC/DEI, so that even normal users, unfortunately, become insolvent.
Native Token DEUS Slides More Than 6%, Deus Finance Closes Contract, Protocol’s TVL Slides 20% Since Friday
The attack against Deus Finance follows a series of defi breaches in 2022, as defi exploits continue to ravage the community’s trust. It was revealed that Wormhole, a cross-chain bridge, had suffered a hack of $320 million during the first week in February.
However, Wormhole’s parent company replenished the stolen funds because the company “believes in a multichain future and that [Wormhole] is essential infrastructure.” During the first week of March, an attacker breached Arbitrum’s Treasure DAO for over 100 NFTs by leveraging a marketplace exploit. The Deus Finance Hack team has spoken out to the community.
“We are aware of the recent exploit reports regarding the $DEI lending contract,” the official Deus Twitter account stated. “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.”
Currently, the stablecoin dei Token (DEI) has managed to stay stable but the protocol’s native token DEUS lost 6.4% against the U.S. dollar in the last 24 hours. However, DEUS, which is a relatively new token for defi has gained 7388% over the last 30 day despite this loss.
On March 12, statistics show that the total value locked (TVL) in Deus Finance was $21.71 million, but that’s been sinking since last Friday. The current TVL in Deus Finance following the hack is $17.28 million which is 20.40% lower than Friday’s TVL stats.
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