DeFi protocol DEUS has announced that its stablecoin DEI has been compromised in a recent hack, resulting in over $6.3 million in losses.

In a tweet, the DEUS team revealed that it had identified a multisig address owned by the team on Arbitrum where white hat hackers able to recover funds during the DEI exploit could return stolen assets.

“We have confirmed that 0x7f5ae1dc8d2b5d599409c57978d21cf596d37996 is a multisig address owned by the DEUS team on Arbitrum where white hat hackers who saved funds during the DEI exploit window can return funds. If you have not returned funds, please contact us,” DEUS said .

The DEUS team further stated that it has suspended the affected contracts and worked with whitehat and partner projects to burn DEI to prevent further damage.

The team added that it will conduct a post-mortem analysis and develop a recovery plan in the coming days. The DEUS team advises users not to interact with any DEI contracts until further notice.

Security firm PDS stated, “This appears to be a public burn bug that caused $1.3 million in losses on the BSC chain alone. Deployments on ARB/ETH were also affected. Arbitrum deployments were hacked and lost more than $500 million.” Ten thousand U.S. dollars.” “

DEI, a stablecoin launched by DEUS, plummeted to $0.18 in the early hours of the day, but then rebounded to $0.29.

The DEI hack is the latest in a string of high-profile attacks on DeFi platforms, highlighting the industry’s need for robust security measures.

As DeFi grows in popularity, it is critical to develop innovative security solutions to protect user funds and prevent malicious actors from exploiting vulnerabilities in smart contracts.

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Filed under: Bitcoin - @ May 6, 2023 3:49 pm