DEUS Finance Lost Over $6 Million
When you interact with any crypto exchange and DeFi, you think it is safe to use. Otherwise, you would not use that exchange and DeFi in the first place. In case you hear about any security breach or hack, you don't want to do anything with that crypto exchange and DeFi.
Decentralized Finance (DeFi) protocol DEUS became the latest victim of an attack and lost more than $6 million. Hackers launched their attack on the Arbitrum network and the BNB Smart Chain (BSC). According to the blockchain security firm PeckShield, the hackers used the public burn vulnerability.
It was initiated front-run by a bot and lost over $1.3 million in the BNB Smart Chain (BSC). Not only that, the attack continued in the Arbitrum network that caused it to lose more than $5 million. The DEI stablecoin lost its peg and the price dropped to $0.28.
Do you people still trust DEUS Finance? If this was the first attack and they fixed its vulnerability and increase the security level, that would be good news. The thing is, DEUS Finance went through bad experiences in the past. And because of that, it lost $13.4 million and $3 million back in the past.
Once a protocol is compromised and exploited by hackers, it can happen again in the future if attackers find vulnerabilities or the team could not fix the problem and increase its security. It is sad but you need to change your decision in crypto based on the changing situation to ensure the security and safety of your crypto assets.
DEUS Finance tweeted that they would not take any legal action against this incident if the attackers returned the funds. They offer to consider 20% of the fund as a bug bounty. Will the hackers accept this offer and return the rest of the funds? Who knows which direction DEUS Finance will go from this point?
Reference: 1
