Hacker Steals $10M in Ether from DeFi Protocol Rari Capital
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10 May
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Decentralized finance (DeFi) protocol Rari Capital says a hacker stole approximately 2600 ETH (~$11 million) via a vulnerability in the "ibETH.work" function in the interaction between the Rari Capital protocol and the Alpha Finance project. According to David Lucid, Rari Capital's Co-Founder, the loss equates to 60% of "all users’ funds in the Rari Capital Ethereum Pool."

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Lucid noted that despite the fact the protocol was audited by Quantstamp, blockchain researches were not aware of vulnerabilities. He also added the team intends to enlist the protocols it integrates to review them for security as well as check invariants that should not need to be checked.

Rari Capital will also undergo another audit with OpenZeppelin. Jai Bhavnani, RarCapital CEO, said all the protocol contributors elected to give 2 million of RGT tokens back to the DAO with the ask of using the newly acquired $RGT to reimburse lost funds and reward those that helped in the war room.

DeFi Protocol Force DAO Token Drops 90% After Hacker Attack

As iHodl earlier reported, a hacker or group of hackers exploited a vulnerability in the liquidity platform's protocol Spartan Protocol to steal $30 million. The protocol, which runs on the Binance Smart Chain, lost $30 million as the result of an attack on its liquidity pool last Saturday.

The attack reportedly exploited a "flawed liquidity share calculation" in the SPARTA/WBNB liquidity pool, which enabled the attacker to withdraw the funds.

*This story was updated with an announcement from the Rari Capital CEO.

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