Alex Coin 
Less than two months later, the multi-chain cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. protocol the set of rules that define interactions on a network, usually involving consensus, transaction validation, and network participation on a blockchain. is once again suffering a flash loan attack. The Deus Finance team claimed that funds are secure.
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The decentralized decentralization refers to the property of a system in which nodes or actors work in concert in a distributed fashion to achieve a common goal. finance protocol (DeFi) that offers cryptocurrencies, DEUS Finance DAO decentralized autonomous organization, system of rules that define how a decentralized organization should operate and which actions it should take. suffered a hacking hacking is the process of using a computer to manipulate another computer or computer system in an unauthorized fashion. attack on Thursday that drained just over USD $13 million. The incident comes less than two months after another hack of the platform.
The unknown attacker allegedly took advantage of a flash loan also known as a “flash loan,” to drain money from a liquidity how easily a cryptocurrency can be bought and sold without impacting the overall market price. pool of DEUS Finance en Fantom Network a network refers to all nodes in the operation of a blockchain at any given moment in time. as reported by several media outlets, which cited chain data . God Finance is a multi-chain protocol that runs on Ethereum a decentralized open-source blockchain with smart contracts functionality. , Fantom , BNB Chain and several other Layer 1 networks.
The security the term securities refers to a fungible and tradable financial instrument that carries a type of monetary value. firm PeckShield detalló en un tweet that the hacker took a quick loan to manipulate the price oracle within a liquidity pool involving a token called DEI, linked to the stable coin a coin can refer to a cryptocurrency that can operate independently or to a single unit of such cryptocurrency. USDC.
2/ The hack is made possible due to the flashloan-assisted manipulation of price oracle that reads from the StableV1 AMM – USDC/DEI pair. The manipulated price of collateral collateral is any asset that a lender accepts as a form of security to ensure that the borrower repays a loan. DEI is then used to borrow and drain the pool. Sounds familiar? https://t.co/3uk44CXo78 pic.twitter.com/ng2BYPPOiY
— PeckShield Inc. (@peckshield) April 28, 2022
An attack flash loan
As he explained CoinDesk the trick allowed fool the mechanism that reads the data in the platform’s liquidity pools, which will ultimately allowed the attacker to artificially inflate the value of some assets, borrow funds and profit after the loan was repaid.
As such, the hacker borrowed some USD $143 million in USDC and used it to exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. 9.5 million DEI, the stable currency currency is a medium of exchange that defines value. pegged 1:1 to the protocol’s native US dollar. According to reports, the attacker $13.4 million in loot taken Although the researchers at PeckShield estimated that the total losses of the protocol could be even greater.
It should be noted that a flash loan is a form of unsecured lending popular in the DeFi a movement encouraging alternatives to traditional, centralized forms of financial services. space that works through smart contracts. Users must take it and repay it in the same transaction, or the smart contract in traditional finance, a contract is a binding agreement between two parties. In cryptocurrencies, smart contracts execute functions on the blockchain. reverses the transaction, as if the loan never existed.
According toThe Block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain.the hacker sent the stolen money from Fantom a Ethereum from where he then moved them to Tornado Cash cash is the most liquid form of money: physical coins and banknotes in the most narrow sense of the term. a mixing protocol used to obfuscate transactions of Ethereum . In this way he directed the funds to an address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. “. limpia “that is, not identified with the incident.
It’s not the first time
Shortly after the announcement of the exploit the team of DEUS Finance DAO said in a tweet that he was working on the situation and that he had paused the loan of DEI tokens. He also stated that ” user funds are safe ” and pledged to share more details in the coming hours.
The dev team is working on the DEI situation.
1. User funds are safe. No users were liquidated.
2. DEI lending has been temporarily halted.
3.$DEI peg a “peg” is a specified price for the rate of exchange between two assets. has been restored.More details to follow.
– DEUS Finance DAO (@DeusDao) April 28, 2022
Este no fue el primer incidente de seguridad para God Finance . The protocol also lost $3 million in a similar attack que took advantage of a quick loan last month . The flash loans have become a mechanism frequently used by hackers to drain money from DeFi platforms.
Meanwhile, DEUS, the governance in the world of cryptocurrencies, governance is defined as the people or organizations that have decision-making powers regarding the project. token on the platform a place to buy, sell and store cryptocurrency has dropped more than 5% in price. According to data from CoinMarketCap DEUS price plummeted from USD $604 to USD $492 after the incident was disclosed. As of press time, the token a digital unit designed with utility in mind, providing access and use of a larger crypto economic system. seems to be recovering slightly and is trading around $580.
- Hacker exploited DeFi protocol for $1 million, but forgot to take the loot with him
- U.S. government warns North Korean hackers are targeting crypto firms
- Hackers drained USD $182 million from stablecoin a cryptocurrency with extremely low volatility, sometimes used as a means of portfolio diversification. Examples include gold-backed cryptocurrency or fiat-pegged cryptocurrency. protocol Beanstalk
Article by Hannah Estefania Perez / DiarioBitcoin
Imagen de Unsplash
