A hacker attack caused Rari Capital, a decentralized financial service, to lose $80 million worth of cryptocurrency.
According to cybersecurity company BlockSec, the attacker took advantage of a vulnerability in the Fuse smart contract platform developed by Rari Capital to create credit platforms. The criminal then took a loan and withdrew digital assets from several pools associated with Rari Capital.
One of the affected pools was Fei Protocol, which issued Fei USD Stablecoins (FEI). The service team suspended loans to eliminate the possibility of a repeat attack and offered the hacker to return the stolen virtual currency in exchange for a $10 million reward.
DeFi had already had about $1 billion stolen in 2022, with only $1.3 billion in stolen funds over the past year. Ronin Network topped the list with $625 million in losses. In late April, Ronin Network staff was able to identify the hackers, and they are now working to recover the stolen coins.