DEI stablecoin suffered a multichain exploit on Arbitrum, Ethereum, and BNB Smart Chain (BSC) that resulted in a loss of about $6.5 million. But some of the stolen funds have now been returned.
DEI stablecoin issuer Deus Finance confirmed that one of its exploiters returned $1.07 million DAI to its multi-signature wallet. On May 6, the protocol said it would treat refunds as a white hat rescue and offered a 20% bounty.
How DEI Was Exploited
Blockchain security firm BlockSec reported that the exploiter took advantage of a newly added function that was poorly implemented. The bad implementation made the function a public burn, and the exploiter used it to manipulate the token price.
Most of the stolen funds came from Arbitrum, where the hacker made over $5 million and then swapped most of the profits for 2529 ETH.
The hacker also bridged $10,000 USDC to Binance Smart Chain (BSC) using Multichain, exchanging the USDC for ETH before bridging back to Ethereum.
The hacker made about $1.3 million on BSC and transferred all the funds to another address, 0xdf61. The address then converted the funds from BUSD to DAI. Additionally, the exploiter made $135,000 on Ethereum and immediately converted the funds into ETH.
<
Go to Source to See Full Article
Author: Oluwapelumi Adejumo
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
