Over $80 Million Stolen From DeFi Lender Rari Capital

The decentralized finance lender Rari Capital was exploited over the weekend, with over $80 million swiped. Fei Protocol, which merged with Rari last year, offered the anonymous attacker a bounty of $10 million if they returned the funds.

• Blockchain security resource PeckShield outlined the “old reentrancy bug,” which compromised Rari Capital. The company said the total amount stolen exceeded $80 million.
• Block Sec further updated that the hacker had targeted numerous Rari Capital and Fei Protocol pools. The firm also confirmed the nature of the hack and the amount swiped.
• Later on, Rari Capital’s Jack Longarzo noted that the project had halted borrowing after discovering the attack. He also promised that the team is working to mitigate the loss and recover exploited funds.
• Longarzo further informed that the project has started to review a possible fix to the vulnerability and has collaborated with security engineers from Compound.

All Tribe DAO managed pools (8, 146, 156) have had the interest rate curves of markets with bad debt fixed to a low rate.

Fodl Finance (127) and OlympusDAO (18) have elected to do the same and the team woriking with the remaining two pool operators about how to move forward.

— Jack Longarzo (@JackLongarzo) April 30, 2022

• Fei Protocol, now a part of Rari Capital, offered a $10 million bounty to the exploited with “no questions” if they returned the remaining user funds. So far, though, there has not been a response.