Technology

More than $13 million stolen from DeFi platform Deus Finance

Decentralized finance (DeFi) platform Deus Finance confirmed reports that an attacker used an illicit method to steal millions of dollars on Wednesday evening. Two blockchain security firms, PeckShield and CertiK, said Deus Finance was hit with a variation of a “flash loan attack.” Flash loan attacks involve hackers borrowing funds that do not require collateral, buying a significant amount of a cryptocurrency to artificially raise its price and then offloading the coins. The loan is paid back and the borrower keeps any profit. PeckShield said the attacker stole about $13.4 million worth of cryptocurrency but noted that the platform’s actual losses may be larger. CertiK put the losses at 5,446 ETH, or about $15.7 million. The Deus platform gives developers a way to create financial services and is made up of two different coins: DEI and DEUS. Blockchain data shows that the attacker took out $143 million in a flash loan and bought 9.5 million DEI, Deus Finance’s stablecoin, which is pegged to the U.S. dollar. That purchase raised the price of DEI, allowing the attacker to pay the flash loan back and net about $13 million.

Full story : More than $13 million stolen from DeFi platform Deus Finance.

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