The previously hacked DEI stablecoin has been hacked once again. Thus, the token lost more than 30% of its value.
Hacking of Deus Finance’s Stablecoin DEI Caused a More Than 30% Drop in Token Price
Already subject to hacking, the DEI token has lost its $1 peg. The token’s most recent peg was $0.3. However, it was lost during the attack. A major technical flaw in the token contract was found to be the attack’s root cause. At the time of writing, the stablecoin is currently trading for $0.2031.
In order to deal with the effects, the initiative is currently asking for community assistance. In addition, the platform announced on its Twitter account that its teams owned multisig on Arbitrum.
Following the mentioned above news, the DEUS token has fallen more than 33%. However, at the time of writing, the DEUS token has recovered slightly and is trading at $45.47.
About Fundamental Implementation Error
A coding issue that affects the token contract’s functionality or security is referred to as a fundamental implementation error.
The DEI stablecoin’s token contract, for instance, has a fundamental technical flaw that lets anyone issue more DEI tokens with no restrictions or limitations. By exploiting the token contract in this way, a hacker was able to change the DEI’s price.
About Deus Finance
Using the Deus Finance initiative, the general public will be able to purchase enterprise-grade blockchain derivatives. For hopeful on-chain digital derivatives such as synthetic stocks, commodities, foreign exchange, and cryptocurrencies, it acts as the cornerstone.
On April 28, hackers penetrated Deus Finance. PeckShield estimates that up to $13.4 million was lost as a result of the attack, with Ethereum (ETH) making up the majority of the stolen goods.
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