Fei Protocol, a well-liked decentralized finance (DeFi) platform, has announced that it’s providing a bounty of $10 million to any hackers who can efficiently retrieve the funds stolen from numerous Rari Fuse swimming pools. These funds are estimated to be price practically $80 million.
In accordance with good contract auditor BlockSec, the aforementioned heist was put in movement on the again of a typical reentrancy vulnerability.
one image price a thousand phrases 🙂 pic.twitter.com/dVxTMMpWZM
— BlockSec (@BlockSecTeam) April 30, 2022
With the $80M hack approaching the heels of the Ronin episode a couple of weeks in the past, evidently, many in the neighborhood have been baying for updates. Rari Capital’s Jack Longarzo was fast to share some, with the developer revealing,
“Borrowing stays paused. Eth redemptions on attacked swimming pools (8, 18, 27, 127, 144, 146, 156) have been briefly paused because the attacker has a big quantity of fEth that could possibly be redeemed for any deposits. We’re engaged on a repair to the interior accounting to resolve this.”
Longarzo additionally claimed that “the crew is reviewing a repair to the vulnerability and the misguided inside accounting of those swimming pools on account of the exploit.”
This isn’t the primary time Rari Capital has fallen sufferer to an exploit like this, nevertheless. Again in 2021, following an integration with Alpha Finance Labs, the mission fell sufferer to an $11 million hack.
As anticipated, reactions from many in the neighborhood have been blended and diverse. Whereas some provided their assist to the crew behind the mission, others have been extra circumspect, with one consumer claiming,
“Days like at present reveal the risks of on chain lending markets and the important thing significance of reserves for stablecoin issuers and different lenders. The @feiprotocol, @RariCapitalTRIBE is deeply overcollateralized, permitting it to endure losses in lending venues.”
Whereas Fei Protocol has not revealed many particulars about its bounty supply, it’s clear that the corporate is actively searching for to barter with the hackers and get well as a lot of its stolen funds as doable. Whether or not or not this bounty will probably be profitable stays to be seen.