May 24, 2022

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Crypto hackers stole 700 million |  finansavisin

Crypto hackers stole 700 million | finansavisin

The attack on Rari Capital became known after an unverified Twitter account on behalf of Fei Protocol reported that hackers had exploited a vulnerability in the partner’s platform, Bloomberg wrote.

The tweet was later verified by Fei Protocol founder Joey Santoro on the company’s Discord server. The attack comes just five months after the two companies merged.

Rari Capital (DeFI) decentralized financial product allows users to enter cryptocurrency ethereum, which in turn generates new tokens called $RSPT. As the owner of $RSPT, the Rari protocol operates independently to provide the highest possible return on the user’s deposit.

In a plea to hackers, Fei promised $10 million in reward if they returned the remaining values.

However, according to crypto security firm BlockSec, the hackers were already in the process of transferring values ​​to Tornado Cash – a platform that allows users to hide transactions.

97 percent DeFi

Digital thefts are on the rise, and activity appears to be on the rise until 2022. Last year, hackers escaped $3.2 billion worth of cryptocurrency from stock exchanges, platforms, and private entities, but especially crypto-based financial products (DeFi) were disproportionately high on the list. Hackers, according to the research firm Chainalysis.

In the first quarter of this year alone, thieves escaped with $1.3 billion, and of all stolen cryptocurrency, up to 97 percent came from DeFi platforms.

The analysis firm writes that while the majority of previous cryptocurrency thefts consisted of hackers who obtained people’s private security keys, successful attacks on DeFi platforms are mainly due to bad code.

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One of the cornerstones of DeFi is to maintain the technology’s decentralization and transparency, which results in many projects being openly available – the so-called “open source”.
The challenge is that the source code is also available to hackers, who in individual cases tested the attacks months before they happened.