Decentralized finance (DeFi) altcoin project Rari Capital suffered an attack costing 2,600 ETH, or roughly $ 10 million in damage. The project team reveals the details behind the attack in a new statement.
🔥Altcoin project Rari Capital has been hacked!
Rari Capital , which has a line of products that offers optimized return vaults and lending pools , recently fell victim to an attack. The target product was the Ethereum mining pool, which integrated as one of the team's strategies for generating returns with Alpha Finance's ibETH token.
In a statement to the attack, Rari Capital explained that there is a weakness in the integration of Alpha Finance with their platform that allows the attacker to manipulate the code. The hacker was able to deposit money into Rari's Ethereum pool and then withdraw more than they deposited.
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In the attack process, the hacker considered leaving a message behind!
Rari Capital claims that they are not completely aware of the error in the code. The firm stated that the integration code was audited by Blockchain security firm QuantStamp, but went unnoticed. The total losses reached 60% of all users' funds in the Ethereum Pool.
During the attack, the hacker considered leaving a message behind, but changed his mind and canceled the process. But the crypto sleuths were able to capture the pending transaction overwritten message before it was canceled. The message is as follows:
Rari = REKT alpha = ok # saved rari 6m.
The price of crypto money crashed due to the attack!
Presumably the message indicates that Alpha Finance somehow prevented the hacker from stealing another $ 6 million from Rari Capital . In the blog post summarizing the events involved in the attack, Rari Capital promises to implement a list of necessary changes to prevent further attacks. First on the team's list was a new process for integration with any new protocol. The project team makes the following statement on the subject.
Save the protocols we have integrated to review our integrations for security. This is the most important security measure, as protocols know the code they write better than anyone else.
RGT, Rari's management token, dropped from $ 18.22 to $ 10.02 after the attack. These figures point to a 45 percent collapse in the altcoin . At the time of writing, the altcoin price is at $ 13.35.