2600 ETH, Alpha Finance Lab, Alpha Homora, Attacks, compensation, compensation plan, DeFi, Defi Attack, Defi Hack, Defi Pool Hack, Defi Projects, Ethereum, Ethereum (ETH), Hack, Hacker, Malicious Hack, Rari Capital

Reports from the decentralized finance project Rari Capital detail that the protocol’s ethereum pool has experienced a recent exploit. Rari Capital says they are assessing the situation and the team removed funds from the recent Alpha Finance Lab integration. At first, the project’s team revealed they were assessing the hack, but later estimates assume the project lost $10 million to the hacker.

Rari Capital Drained for 2,600 Ether, Hacker Taunts Project

There has been no shortage of defi hacks at the end of 2020 and into 2021, as a myriad of projects has seen funds drained from a wide range of vulnerabilities. Now it seems the Rari Capital project lost $10 million from a malicious hacker who gained access to an exploit in the ethereum (ETH) pool.

Essentially, Rari Capital is a Web3 defi tool that allows people to deposit crypto assets and rebalance them into the “highest-yielding stable opportunities.†The protocol builds a “lego effect†of defi apps and claims the platform provides “never-before-seen high yields from a risk-averse mechanism.â€

On May 8, 2021, Rari tweeted that an exploit was manipulated, and “the rebalancer has removed all funds from Alpha in response.†Furthermore, Rari said that the team was “currently investigating the situation and a full report will be shared once everything is assessed.†The hacker also mocked the Rari Capital project with a base64-encoded message that said: “rari=REKT. alpha=ok # saved rari 6m.â€

The interesting message from the hacker says that $6 million was saved by the Alpha Homura development team. “Funds are SAFE on Alpha Homora,†the official Alpha Finance Lab Twitter page wrote. “We are notified that Rari Capital has suffered from an exploit that was due to the incorrect assumption when using Homora Bank contract, as they were setting up an ibETH pool on their platform,†the team added.

Rari Capital Plans to Discuss the ‘Next Steps as One Whole Community’

Rari Capital will have to come up with a plan to give restitution to those who lost money. The team’s community will meet at 5 p.m. (PT) this evening (5/9/21) in order to “debrief yesterday’s events and discuss next steps as one whole community.â€

The team’s post mortem addressed the losses on Sunday and said that the “attacker stole approximately 2600 ETH.â€

“These funds were extracted from Rari Capital’s Ethereum Pool before the attacker was stopped when the contracts were paused,†Rari’s post mortem said. “This loss equates to 60% of all users’ funds in the Rari Capital Ethereum Pool.â€

What do you think about the defi project Rari Capital’s recent exploit and the loss of $10 million? Let us know what you think about this subject in the comments section below.

Du lịch nhật bản, hướng dẫn du lịch Nhật và đánh giá địa điểm Nhật Bản Japan travel news, japan travel guides, japan holiday destinations and japan reviews

RELATED NEWS

Mike Novogratz: Bitcoin Investors Waiting for a New Narrative Shift

Mike Novogratz declared institutional investors are waiting for the next narrative shift in a recent interview at the Bitcoin 2021 conference in Miami. The CEO of Galaxy Digital thinks the market is now in a consolidation phase after the price crash last month. Novogratz also commented on what the rise of defi could mean for […]

Xem chi tiết: Mike Novogratz: Bitcoin Investors Waiting for a New Narrative Shift

Amazon Job Listing Seeks Blockchain Lead – Internet Giant Looks to Create ‘Business Use Cases Across Defi’

Amazon is looking for a blockchain expert, according to a job posting published on the company’s employment portal. The firm wants someone who is “passionate about blockchain and decentralized networks†and someone who can build innovative “business use cases†across decentralized finance (defi). Online Marketplace Amazon Hopes to Hire a Head of Product to Lead […]

Xem chi tiết: Amazon Job Listing Seeks Blockchain Lead – Internet Giant Looks to Create ‘Business Use Cases Across Defi’

Solana Aims to Raise $450 Million to Battle Ethereum Supremacy

Solana, a proof-of-stake, smart contracts-enabled currency, is aiming to raise $450 million in a funding round that was extended last March. The Solana ecosystem, which is backed by Sam Bankman-Fried, founder and CEO of derivatives exchange FTX, would use these funds to take on Ethereum supremacy in the Defi ecosystem. Solana to Raise $450 Million […]

Xem chi tiết: Solana Aims to Raise $450 Million to Battle Ethereum Supremacy

Scammers Pick Bank Transfers Over Cryptocurrency, Australian Report Reveals

Investment scams have been by far the most common type in Australia recently, a new report by the country’s consumer watchdog has revealed. And while a growing number of Australians fall victim to fraudulent schemes involving cryptocurrency, bank transfers remain the scammers’ favorite way to extract money. Australians Lose $670 Million to Scammers in a […]

Xem chi tiết: Scammers Pick Bank Transfers Over Cryptocurrency, Australian Report Reveals

Two-Fifths of Australian Millennials Prefer Crypto Investments Over Real Estate

A report published by the cryptocurrency exchange Kraken shows that two-fifths of Australian millennials prefer to invest in cryptocurrency assets over real estate. The survey shows that a number of Australians are losing faith in traditional assets like gold, stocks, and real estate. Kraken’s Australia Managing Director: ‘Young Aussies Look for Other Options to Grow […]

Xem chi tiết: Two-Fifths of Australian Millennials Prefer Crypto Investments Over Real Estate

Floyd Mayweather Gets Booed at Bitcoin Event for Saying ‘Another Crypto Will Be Just as Big as BTC’

The undefeated professional boxer Floyd ‘Money’ Mayweather recently spoke at the Bitcoin 2021 conference in Miami and was booed while speaking on stage. Mayweather’s speech wasn’t appreciated by members of the crowd because he didn’t discuss bitcoin much and toward the end, Mayweather said he believes another crypto will be “just as large as bitcoin […]

Xem chi tiết: Floyd Mayweather Gets Booed at Bitcoin Event for Saying ‘Another Crypto Will Be Just as Big as BTC’

Data Shows BSC Dapps Lost $167 Million Last Month From Flash Loan Attacks

Binance Smart Chain (BSC) decentralized applications (dapps) have been hit with a number of flash loan attacks in recent weeks. According to collected data by Rekt, during the last 30 days BSC has lost a total of $167 million from these flash loan exploits. Flash Loan Hackers Prey on Binance Smart Chain Dapps – $167 […]

Xem chi tiết: Data Shows BSC Dapps Lost $167 Million Last Month From Flash Loan Attacks

Vitalik Buterin Says People Difficulties Not Technical Difficulties Slowed the Ethereum 2.0 Rollout

The cofounder of Ethereum, Vitalik Buterin, recently discussed the highly anticipated full transition from a proof-of-work (PoW) consensus model to proof-of-stake (PoS) as its replacement. Buterin admitted at Hong Kong’s Startmeup HK 2021 Festival that the transition was taking too long and highlighted that it wasn’t technical problems but “related to people.†Buterin: ‘If You […]

Xem chi tiết: Vitalik Buterin Says People Difficulties Not Technical Difficulties Slowed the Ethereum 2.0 Rollout

Crypto Consolidation Continues — Bitcoin’s Attempt to Rise Above Psychological Levels Falls Short

Vitalik Buterin Says People Difficulties Not Technical Difficulties Slowed the Ethereum 2.0 Rollout

Data Shows BSC Dapps Lost $167 Million Last Month From Flash Loan Attacks

Defi Economy Is Recovering Faster Than Most Crypto Assets After Market Rout

Why On-Chain Governance Is Critical for Blockchain Growth and Longevity

Cryptocurrency Related Scams Flood Tribunals in Spain

More Than 5 Million in Ethereum Worth $13 Billion Rests in the Eth2 Staking Contract

Andreessen Horowitz Discusses Raising Third Crypto Fund to $2 Billion, Sources Say

Other Articles