Hacker steals $80 million from Rari Capital's Fuse lending pools

DeFi platform Rari Capital was hacked for more than $80 million in crypto assets held within its Fuse lending pools.

According to smart contract audit company BlockSec, the unknown hacker stole from Rari Capital's Fuse platform — a product that enables DeFi developers to create lending markets of their own. The security firm said the exploit occurred through a reentrancy vulnerability in the protocol’s smart contract.


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Among those losing funds was Fei Protocol,  a development team that runs a decentralized US dollar-pegged stablecoin called Fei USD. The Fei Protocol team manages lending markets on Fuse, where users can deposit funds for an annual yield and also take out loans in FEI stablecoin

In a Twitter post, Fei Protocol acknowledged the massive exploit and asked the hacker to return the funds in exchange for a $10 million bounty.

Update: The headline was updated to clarify the exploit targeted Rari Capital's 'Fuse' platform.

About Author

Vishal Chawla is The Block’s crypto ecosystems editor and has spent over six years covering tech protocols, cybersecurity, artificial intelligence and cloud computing. Vishal likes to delve deep into blockchain intricacies to ensure readers are well-informed about the continuously evolving crypto landscape. He is also a staunch advocate for rigorous security practices in the space. Before joining The Block, Vishal held positions at IDG ComputerWorld, CIO, and Crypto Briefing. He can be reached on Twitter at @vishal4c and via email at [email protected]