Ethereum-based DeFi exchange, FEI Protocol, lost around $80 million worth of tokens in an attack in April this year. The protocol resorted to offering the hacker a $10 million bounty to return the stolen funds.
In a series of transactions, the attacker seemed to have moved around $80 million of Wrapped Ethereum from the protocol, and into their personal wallet. The hacker also seemed to be laundering the stolen funds into TornadoCash, where they will then become almost untraceable.
The target of the attack seemed to be multiple liquidity pools belonging to Rari Capital and FEI.
FEI is an Ethereum-based protocol that uses tokenomics to maintain the 1:1 dollar peg for its stablecoin Fei USD. Unfortunately, the hack destabilized the stablecoin. At this point, the coin was trading at around $0.986, according to …
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Source: Cryptocurrency - investing.com
