DeFi Lender loses $80M in hack

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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 last December with Rari, 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.

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