Analysis

DeFi Hacker Steals $13.4M in DEUS Finance Assault

The DEUS staff stated that person funds had been protected. 

DEUS Finance Suffers Flash Mortgage Exploit 

DEUS Finance DAO is the most recent DeFi protocol to endure a significant assault. 

The multi-chain DeFi undertaking, which runs on Ethereum, Fantom, BNB Chain, and a variety of different Layer 1 networks, was focused in a flash mortgage exploit early Thursday morning. 

On-chain knowledge exhibits that an attacker leveraged a flash mortgage to focus on a DEUS liquidity pool on Fantom. Pioneered by the early Ethereum DeFi undertaking Aave, flash loans give DeFi customers the flexibility to borrow an infinite quantity of capital with out offering any collateral so long as they pay again the mortgage in the identical transaction. Whereas flash loans are an instance of DeFi innovation, they’ve been controversial as a result of outstanding position they’ve performed in lots of multi-million greenback hacks. 

This assault follows an identical playbook to many different latest incidents. As blockchain safety agency PeckShield famous in a tweet storm, the hacker used the mortgage to govern a worth oracle in order that they may artificially inflate the value of DEUS’ DEI stablecoin. They then used the DEI as collateral to borrow extra capital, and executed a commerce for USDC. By the point they paid off the flash mortgage, they had been left with about $13.4 million. 

After executing the flash mortgage assault, the hacker moved the takings from Fantom to Ethereum and used Twister Money, an Ethereum-based privacy-preserving protocol popularly utilized in DeFi hacks, to siphon the funds to a “clear” tackle. 

DEUS has since posted an replace, saying that person funds are protected and DEI lending has been paused. It additionally stated it’ll comply with up with extra particulars later. After affected by a $3 million flash mortgage exploit solely final month, it’ll have some explaining to do. 

Disclosure: On the time of writing, the creator of this piece owned ETH, AAVE, FTM, and several other different cryptocurrencies. 

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