DeFi altcoin project DEUS has become the latest victim of a hack, with losses of over $6 million due to an attack on stablecoin DEI. The attack targeted both BNB Chain (BSC) and Arbitrum distributions, causing losses of over $1.3 million and $5 million respectively. Here are the details…
Hacking attack on DeFi protocol
According to PeckShield, a blockchain security company, the BSC hack was front-run by a bot, resulting in a loss of over $1.3 million. ARB/ETH distributions were also affected, resulting in losses of over $5 million. DEUS has confirmed that it is suspending the relevant contracts and burning DEI with the help of white hats to prevent further damage.
The arbitrum deployment was hacked w/ loss > $5m and here is the related tx: https://t.co/F0nVJL0LP5 pic.twitter.com/c6rGOC5mC9
— PeckShield Inc. (@peckshield) May 5, 2023
This isn’t the first time DEUS has been hacked. The protocol had been hacked twice before and lost $3 million and $13.4 million worth of tokens. The latest attack has raised questions about the security of DeFi protocols and their ability to protect their users’ funds. DEUS took measures to prevent further damage in response to the attack. The team suspended related contracts and burned DEI tokens to prevent the hacker from profiting from the attack. The team also urged white-hat hackers who were able to recover funds during the DEI exploit to contact them. At this point, the DEUS cryptocurrency of DEUS is changing hands at $38, down 30 percent.
Hack risks persist in altcoin space
The attack highlighted the importance of security in the DeFi space. While DeFi protocols offer users more flexibility and control over their funds, they also bring increased risks. As the DeFi space continues to grow, it is imperative that protocols take measures to ensure the security of their users’ funds. The DEUS team acknowledged that they need to improve their security measures to prevent future attacks. They stated that they will thoroughly review their code and architecture to identify any vulnerabilities that may have been exploited in the recent hack.
The DEUS attack followed a series of high-profile DeFi attacks, including the recent Poly Network attack, in which the hacker returned the stolen funds. However, not all DeFi attacks resulted in a positive resolution and users lost millions of dollars in previous attacks. The DeFi space is still relatively new, and security is an ongoing concern. To prevent future attacks, the community must work together to identify and address vulnerabilities. As DeFi protocols continue to grow in popularity, it is crucial that users understand the risks and take appropriate action to protect their funds.
In conclusion, the recent attack on DEUS highlights the importance of security in the DeFi space. While the DeFi space offers exciting opportunities, it also brings increased risks. It is crucial that protocols take measures to ensure the security of their users’ funds and that users take appropriate measures to protect themselves. The DEUS team acted quickly to prevent further damage and the community will be watching closely as they review their code and architecture to identify any vulnerabilities.
