DeFi Protocol DEUS Suffers Loss of $6 Million in Stablecoin Hack

In the latest incident of a DeFi hack, the DeFi protocol DEUS has suffered a loss of over $6 million due to a hack on its stablecoin DEI. The hack targeted both the BNB Smart Chain (BSC) and Arbitrum deployments, resulting in losses of $1.3 million and over $5 million, respectively.

According to PeckShield, a blockchain security company, the hack on the BSC was frontrun by a bot, which caused a loss of over $1.3 million. The ARB/ETH deployments were also affected, resulting in losses of over $5 million. DEUS has confirmed that it has suspended relevant contracts and burned DEI with the help of white hats to prevent further damage.

This is not the first time that DEUS has been attacked. The protocol had been attacked twice before, losing tokens worth $3 million and $13.4 million. The recent hack has raised questions about the security of DeFi protocols and their ability to protect their users’ funds.

DEUS has been quick to respond to the attack and has taken measures to prevent further damage. The team has suspended relevant contracts and burned DEI tokens to prevent the hacker from profiting from the hack. The team has also urged white hat hackers who were able to rescue funds during the DEI exploit to get in touch with them.

The hack has once again highlighted the importance of security in the DeFi space. While DeFi protocols offer users greater flexibility and control over their funds, they also come with increased risks. As the DeFi space continues to grow, it is imperative that protocols take measures to ensure the security of their users’ funds.

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