Fei Protocol and Rari Capital are the latest victims of a cybersecurity attack that resulted in the loss of over $80 million, according to Defi bezbjednost firm BlockSec.
On Saturday, BlockSec tweeted that its monitoring system detected an exploit of multiple streams connected to the decentralized finance protocols which took advantage of a reentrancy vulnerability.
Fei Protocol shortly thereafter confirmed the attack, quickly pausing all borrowing functions to mitigate further damage. The protocol also offered a $10 million bounty to the hacker if he chooses to return the stolen funds.
Šta je Fei protokol?
Fei Protocol is an algoritamski stabilan protocol that uses the Protocol Controlled Value (PCV) model to manage its stablecoin, which is pegged against the U.S. dollar.
While this model eliminates the risks of death spiral or seigniorage, anything that affects the PCV assets could influence the peg. Following Saturday’s announcement, the peg dropped 0.4 percent, and is currently at $0.9982 on CoinGecko.
Rari Capital, on the other hand, is a permissionless lending protocol, which allows users to create Fuse pools where they can supply and borrow ERC-20 tokens. Last year, Fei Protocol and Rari Capital spojeno after a heavily supported proposal by both communities. The purpose behind the merge was to further bootstrap liquidity for the Fuse pools, with FEI providing the necessary initial liquidity.
Source: https://beincrypto.com/fei-protocol-and-rari-capital-lose-80-million-dollars-in-pool-hack/