Using the flash loan, Deus’ attackers were able to temporarily manipulate prices on a liquidity pool consisting of the USD Coin stablecoin and DEI, and use the manipulated DEI price to borrow and drain the pool.to take out millions of dollars as a loan against zero collateral. This isn’t crypto magic or free money: The loan must be repaid before the transaction ends or the smart contract reverses the transaction – as if the loan never existed.
On the other end, liquidity pools, such as the USDC and DEI pool on Deus, rely on so-called oracles to ensure they are correctly priced at all times and any borrowing is within limits that don’t exceed the total value of those pools. Oracles are blockchain-based tools that provide smart contracts with trusted external information. These are required because blockchains can immutably store data, but can’t verify if the input data are accurate.
On Thursday, the attackers were able to take out a flash loan of over 143 million USDC, and used that to swap 9.5 million DEI,How the hacker made away with $13.4 million. The attacker then used some 71,000 DEI to borrow over 17.2 million DEI using the manipulated prices. The flash loan was then repaid, and the attacker managed to pocket $13.4 million.
DEUS prices fell 16.5% in the past 24 hours, CoinGecko data show. A bulk of these losses came after the exploit was made public. Deus had not responded to a request for comment by publication time.
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