Rari Capital’s decentralized finance protocol has $80 million worth of assets stolen from its Fuse lending pools.
Our monitoring system detected that multiple pools related to @RariCapital @feiprotocol were attacked, and lost more than 80M US dollars. The root cause is due to a typical reentrancy vulnerability. @defiprime
— BlockSec (@BlockSecTeam) April 30, 2022
The reason for the hack is called a “typical reentry vulnerability” in the code of the Fei Protocol project.
By words developers, they suspended loans of cryptocurrencies and offered the hacker a payment of $ 10 million for the return of the stolen funds.
We have identified an exploit on Fuse Arbitrum, and borrowing has been disabled as we continue to investigate.
Updates will continue to be shared. https://t.co/usL0afFfeT
— Rari Capital (@RariCapital) May 1, 2022
Following the incident, the value of the Rari Governance Token (RGT) dropped to $10.6.
As a reminder, in May 2021, Rari Capital lost 2600 ETH as a result of a hack.