DEUS Finance Experiences Another Flash Loan Exploit, Loses Over $13M

The team has commented on the incident, saying that the developers are working on it. They state that user funds are safe, and no users were liquidated. The DEI peg has been restored, and DEI lending has been suspended.

The dev team is working on the DEI situation.

1. User funds are safe. No users were liquidated.
2. DEI lending has been temporarily halted.
3. $DEI peg has been restored.

More details to follow.

These incidents will do DEUS Finance no assistance, especially given that it’s the second kind of attack in just over a month. Flash loan exploits are among the most common types of attacks in the market, more of which can be expected in the future.

DeFi Remains Prime Target for Hackers

The DeFi space has always been prey for hackers, as it sees a lot of capital inflow, as well as new investors who lack the acumen to invest in the space safely.

Sometimes, it is a development mistake, as in the case of the Wormhole bridge hack, which resulted in $321 million stolen — the biggest hack of 2022. Other times, it is a rug pull that attracts new investors who are looking to make a profit quickly.

As such, teams are now paying more attention to audits and ensuring airtight security. Bug bounties and insurance programs are other areas that are also seeing strong growth.

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