March 30, 2023



Rari Capital’s DeFi project lost about $11 million as a result of hacking

An unknown person withdrew approximately $11.3 million worth of assets from the Rari Capital decentralized financing protocol.

Igor Igamberdiev, a researcher at The Block, noted that the attack was the first inter—network exploit – the attacker stole funds for it from the Value project running on the Binance Smart Chain (BSC). The hacker withdrew 5346 BNB from it, which he exchanged for 1000 ETH.

According to the expert, the mechanism of the attack on Rari Capital was to create a fake token and its pool on SushiSwap.

Next, the hacker, interacting with Alpha Homora, received ibETH in the contract of the Rari ETH pool. He exchanged the assets there fo Ethereum.

Repeating the steps several times, the attacker withdrew 2900 ETH, another 1700 ETH was saved by the actions of the Rari team.

“The interaction between DeFi protocols is becoming more and more complex, which opens up new attack vectors,” Igamberdiev said.

The price of the Rari management token almost doubled after the incident — from $18.41 to $9.51. At the time of writing, the asset is trading just below the $14 level.

Recall that in early May, a hacker withdrew $ 30 million worth of tokens from the Spartan Protocol based on BSC.