Rari Capital and Fei Protocol's Lending Pools Attacked, $80M Lost in Latest DeFi Hack 13

Rari Capital and Fei Protocol’s Lending Pools Attacked, $80M Lost in Latest DeFi Hack

Summary:

  • Lending pools belonging to Rari Capital and Fei Protocol have been attacked
  • A total of $80 million has been lost in the latest DeFi hack
  • The hack was due to a typical reentrancy vulnerability
  • Fei Capital has offered a $10 million bug bounty to the attackers with no question asked

Lending pools belonging to Rari Capital and Fei Protocol are the latest victims of a DeFi hack. According to the team at WuBlockchain, multiple pools belonging to the two protocols have been attacked, and more than $80 million was lost.

Furthermore, the attack was identified by the team at BlockSec as being due to ‘a typical reentrancy vulnerability.’

SimpleFX
SimpleFX

Fei Protocol Offers the Attacker(s) $10 Million With No Questions Asked

The team at Fei Protocol has thus far confirmed the attack. They have gone on to offer the attacker(s) 10 million dollars as a bounty for identifying the vulnerability, with no questions asked. The $10m is also for the exploiter(s) to return the remaining user funds. The request by Fei Protocol can be found below.

We are aware of an exploit on various Rari Fuse pools. We have identified the root cause and paused all borrowing to mitigate further damage. To the exploiter, please accept a $10m bounty and no questions asked if you return the remaining user funds.

DeFi Hacks Continue to be a Pain Point for the Blockchain Industry

The $80 million exploit on both Rari Capital and the Fei Protocol comes exactly one month after the record-breaking $615 million Axie Infinity hack carried out by the North Korean state-sponsored Lazarus group.

According to a report by Chainalysis, hackers had a big year in 2021, netting $3.2 billion worth of cryptocurrency. Additionally, attackers targeting various crypto exchanges and DeFi protocols have thus far netted $1.3 billion in the first three months of this year. Of the latter amount, 97% has been taken from DeFi protocols, up from 72% in 2021 and just 30% in 2020.