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Hacker Drains $80 Million from DeFi Rari Capital and Fei Protocol, Bounty Is Offered

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Sat, 04/30/2022 - 12:07
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Yuri Molchan
$80 million in crypto have been stolen as a result of a re-entrance attack against Rari Capital and Fei Protocol DeFi platforms
Hacker Drains $80 Million from DeFi Rari Capital and Fei Protocol, Bounty Is Offered
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Chinese crypto journalist and blogger Colin Wu has spread the news about a hacker attacking DeFi platforms Rari Capital and Fei Protocol, draining them for a massive $80 million in crypto.

Multiple pools related to these platforms have been attacked, tweeted Wu, citing data provided by BlockSec.

The reason cited by Wu is a re-entrance vulnerability which can often be exploited. A re-entrance attack takes place when an execution of a smart contract gets interrupted in the middle and then initiated from the beginning once again (re-entered).

A famous example of such an attack was the DAO hack in June 2016, when over $60 million in Ethereum was stolen.

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Fei Protocol also posted a tweet, saying that they are aware of the exploit on multiple Rari Fuse pools. They have suspended all borrowing operations on them to prevent further stealing of funds. The author of the tweet has offered the hacker to keep $10 million from the stolen crypto as a bounty and return the rest of the funds that belong to their users.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.