Investor confidence shaken after DEUSDAO loses $6.3M in hack
Imagine investing a significant amount of money in a seemingly secure network, only to find out that it has been breached, resulting in more than $6.3 million in losses. This is the reality for investors of DEUS DAO, the creator of the DEI stablecoin. The hack has caused widespread disbelief and raised significant concerns over the safety of the DEI network. PeckShield Inc. pointed out that the attack was a public burn vulnerability with over $1.3 million lost through the BNB Chain alone.
According to the reports from DEUSDAO – the creator of the DEI stablecoin, the hack was carried out by an unauthorized party who took advantage of a flaw in the DEI Token smart contract. This led to the theft of DEI tokens. Based on the current pricing of DEI on the market, it is estimated that the worth of the stolen tokens is somewhere in the region of $6.3 million.
The DEI Token team has published a statement to its users in which it acknowledges the hack and reassures them that it is doing all necessary steps to recover the funds that were taken. The team has also indicated that it has identified the vulnerability that was exploited and that it is working on a remedy in order to prevent such events in the future.
The attack is the most recent in a string of high-profile hacks that have shaken the cryptocurrency industry in the past few years. It is abundantly evident that security will continue to be a primary issue for both investors and developers in the cryptocurrency industry as the world of cryptocurrencies continues to expand and advance.
As a direct result of the hack, the price of DEI tokens has dwindled, and many investors are in a state of panic as a result of the loss of their holdings. This event serves as a clear reminder of the hazards that are connected with investing in DeFi platforms, as well as the significance of taking adequate steps in order to safeguard one’s funds.
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