Defi Project Rari Capital Hacked for $10M in Ether, Project's Pool Drained for 2,600 ETH

Monday 10 May 2021, 6:29 AM AEST - 1 month ago

Defi Project Rari Capital Hacked for $10M in Ether, Project's Pool Drained for 2,600 ETH

Reports from the decentralized finance project Rari Capital detail that the protocols ethereum pool has experienced a recent exploit. Rari Capital says they are assessing the situation and the team removed funds from the recent Alpha Finance Lab integration. At first, the projects team revealed they were assessing the hack, but later estimates assume the project lost $10 million to the hacker.

Rari Capital Drained for 2,600 Ether, Hacker Taunts Project

There has been no shortage of defi hacks at the end of 2020 and into 2021, as a myriad of projects has seen funds drained from a wide range of vulnerabilities. Now it seems the Rari Capital project lost $10 million from a malicious hacker who gained access to an exploit in the ethereum (ETH) pool.

Essentially, Rari Capital is a Web3 defi tool that allows people to deposit crypto assets and rebalance them into the highest-yielding stable opportunities. The protocol builds a lego effect of defi apps and claims the platform provides never-before-seen high yields from a risk-averse mechanism.

On May 8, 2021, Rari tweeted that an exploit was manipulated, and the rebalancer has removed all funds from Alpha in response. Furthermore, Rari said that the team was currently investigating the situation and a full report will be shared once everything is assessed. The hacker also mocked the Rari Capital project with a base64-encoded message that said: rari=REKT. alpha=ok # saved rari 6m.

The interesting message from the hacker says that $6 million was saved by the Alpha Homura development team. Funds are SAFE on Alpha Homora, the official Alpha Finance Lab Twitter page wrote. We are notified that Rari Capital has suffered from an exploit that was due to the incorrect assumption when using Homora Bank contract, as they were setting up an ibETH pool on their platform, the team added.

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