Fei Protocol and Saddle Finance become the latest victims of DeFi hacks

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2022-05-02 19:25:22

The two latest DeFi attacks on April 30 on the Fuse pool on Rari Capital of Fei Protocol and Saddle Finance caused a total loss of nearly $90 million.

Fei Protocol and Saddle Finance become the latest victims of DeFi hacks

At noon on April 30, security unit Peckshield said Saddle Financean AMM protocol on Ethereum, was hacked resulting in over $10 million in damages.

According to blockchain transaction analysis, the attacker flashed 15 million USDC, then conducted a chain of value manipulation transactions on Saddle Finance to gain 3,375 ETH, worth more than 10.2 million USD. Hackers tried to launder money through Tornado Cash but only stopped at a small level, while most of the money remained in the wallet.

Saddle Finance says the BlockSec white hat hacker group has recovered $3.8 million. Trading on Saddle Finance is currently suspended.

Then, in the afternoon, the algorithmic stablecoin platform Fei Protocol announced their Fuse pool on Rari Capital has been hacked but the damage is unknown. However, hacker’s wallet currently has 27,974 ETH, worth nearly 80 million USD. Hackers have now started transferring funds to Tornado Cash for laundering.

Fei Protocol hacker wallet balance at 05:15 PM on April 30, 2022. Source: Etherscan

Fei Protocol announced to suspend all borrowing activities to limit damage, and also awarded a $10 million reward for hackers to return all the money.

Also on the afternoon of April 30, hackers attacked Parity in 2017 unexpectedly moved 9,000 ETH (worth 25 million USD) to Tornado Cash and carried out money laundering. The Parity attack then resulted in the loss of more than 153,000 ETH.

April also recorded two other serious DeFi attacks, including Beanstalk Farms ($182 million) and Deus Finance ($13.4 million).

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