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DeFi Protocol Deus Finance Lost Over $6 Million During a Recent Stablecoin Hack

DeFi Protocol Deus Finance Lost Over $6 Million During a Recent Stablecoin Hack

Yet another DeFi protocol is drained by malicious actors.

Deus Finance, decentralized finance (DeFi) protocol and a decentralized marketplace that facilitates the trading of both digital and non-digital assets, has suffered a loss of over $6 million due to a security breach in its stablecoin, DEI (DEI).

On May 5th, blockchain security firm PeckShield reported that a hacker exploited a vulnerability in the BNB Smart Chain (BSC), which led to a significant loss of more than $1.3 million.

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The Arbitrum network was also targeted. ARB/ETH deployments suffered more than $5 million in losses.

One Twitter user suggested the "root cause" of the exploit is "a basic implementation error in the token contract."

Shortly after the news from PeckShield, Deus Finance took to Twitter to confirm the exploit and claimed that it took steps to mitigate further damage by pausing all contracts and burning DEI tokens. The Deus team stated on Twitter:

We are currently in the process of comprehending the actual backing of DEI tokens.

On top of that, the firm promised to develop a "comprehensive recovery and redemption plan" after conducting a thorough examination of balances and snapshots.

On May 7th, Deus Finance revealed that the company "conducted a white hat rescue" and recovered a part of the stolen funds.

At the time of writing, DEI retails for $0.2408, recording a 17.09% increase in the last 24 hours.

It is not the first time Deus Finance has been targeted by malicious actors. In March 2022, the protocol experienced a flash-loan attack, which resulted in losses of over $3 million in Dai (DAI) and Ether (ETH).

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.

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