Hacker Steals 370,000 USDC from DeFi Project Nereus Finance
Main page News, Hacker Attack, DeFi
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Sept. 8, 2022

Nereus Finance, a DeFi platform powered by Avalanche, has lost around 370,000 USDC as a result of a hacker attack, according to CertiK.

The attacker has reportedly used borrowed funds to manipulate the prices of AVAX tokens on Nereus. After completing arbitrage transactions and repayment of the loan, he has kept around 370,000 USDC.

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Next, the attacker has transferred the funds from the Avalanche blockchain to the Ethereum one.

The hacker sent most of the Ether in four transactions of 45 ETH to the addresses of the FixedFloat platform.

The Nereus Finance team has confirmed the attack:

"This incident is isolated to a single collateral market and the NXUSD protocol as a whole remains over colateralized. We are executing a recovery process and will be publish a post-mortem shortly."

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