Derivatives Platform Deus Finance Exploited for $3M on Fantom Network

Crypto derivatives level Deus Finance was exploited for implicit $3 cardinal worthy of cryptocurrencies successful aboriginal European hours connected Tuesday, information steadfast PeckShield said successful a tweet, adding that the wide losses could beryllium overmuch higher.

• The onslaught connected Deus Finance occurred connected its Fantom web iteration. Deus Finance allows developers to physique and contented fiscal instruments, specified arsenic derivatives oregon options, connected its platform.

• PeckShield said attackers manipulated prices connected Deus’ offerings utilizing a flash loan, a signifier of uncollateralized lending utilizing astute contracts.

• Hackers utilized flash loans to manipulate the declaration that determined the terms of DEI – 1 of the 2 tokens issued by Deus Finance – to falsely amusement that DEI had collapsed. This led to a nonaccomplishment of each funds of the users supplying liquidity to the DEI/USDC pool.

• Blockchain information shows that implicit 3 cardinal USDC tokens were stolen from Deus which was exchanged for 200,000 DAI and 1,101.8 ether (ETH) via decentralized speech Multichain. The funds were past withdrawn to the privateness swap instrumentality Tornado, which masks the addresses of the hacker and makes it hard to necktie stolen funds to their perpetrator.

• Deus closed contracts affected by the attack and said its developers were moving connected a post-mortem report. Prices of Deus’ autochthonal DEUS token fell astir 40% pursuing reports of the hack but seemed to retrieve astatine the clip of writing.

• The onslaught comes days aft Fantasm Finance, different Fantom-based protocol, was exploited for implicit $2.6 million, arsenic reported.