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DeFi

DEUS Offers 20% Bonus For Hackers To Refund Stolen Money

May 7, 2023 - Around 3 mins mins to read

Key Points:

  • DEUS allows the hacker to get 20% of the stolen money as a reward if he refunds the amount.
  • The protocol’s DEI stablecoin was hacked on the Arbitrum network yesterday, causing the DEUS token to drop by more than 30%.
  • All contracts are currently suspended, and on-chain DEI tokens are destroyed to prevent further disruption, the bug is still unresolved.
The Defi DEUS protocol will take no legal action against the hacker if he refunds the stolen funds, and 20% of the funds will be used as bug bounties.
DEUS Offers 20% Bonus For Hackers To Refund Stolen Money

On May 7, DeFi protocol DEUS tweeted an update on the progress of the DEI stablecoin security breach. All contracts are currently suspended, and on-chain DEI tokens are destroyed to prevent further disruption.

The team is currently learning about DEI’s solid support. To achieve this, a snapshot of all DEI balances is taken before tokens are burned. After assessing all balances, a comprehensive collection and redemption plan will be developed. For users having trouble trying to arbitrage after the hack, there will be an assessment, and they may be allowed to reverse those trades as soon as possible.

This action will involve recording the DEI in circulation and adding support from all other users. DEUS advises users to be patient and only interact with an existing DEI contract once a specific redemption plan is in place.

In addition, DEUS states that it will not take any legal action if the funds are returned. This event will be considered a white hat rescue, and 20% of the money will be awarded as a bug bounty. The team also confirmed that the multi-signature on the BSC chain is controlled by the DEUS team. The team will publicly confirm the receipt of the funds.

DEI stablecoin token was hacked and lost $1. The token was recently pegged at $0.30 and lost that peg during the attack. The cause of the attack was discovered to be a fundamental technical problem in the token contract, and this also led to a drop in the protocol’s DEUS token by more than 30%.

Before that, in May of last year, the ecosystem was hit by two flash loan attacks in the past two months, resulting in a loss of more than $30 million.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Foxy

Coincu News

DeFi

DEUS Offers 20% Bonus For Hackers To Refund Stolen Money

Key Points:

  • DEUS allows the hacker to get 20% of the stolen money as a reward if he refunds the amount.
  • The protocol’s DEI stablecoin was hacked on the Arbitrum network yesterday, causing the DEUS token to drop by more than 30%.
  • All contracts are currently suspended, and on-chain DEI tokens are destroyed to prevent further disruption, the bug is still unresolved.
The Defi DEUS protocol will take no legal action against the hacker if he refunds the stolen funds, and 20% of the funds will be used as bug bounties.
DEUS Offers 20% Bonus For Hackers To Refund Stolen Money

On May 7, DeFi protocol DEUS tweeted an update on the progress of the DEI stablecoin security breach. All contracts are currently suspended, and on-chain DEI tokens are destroyed to prevent further disruption.

The team is currently learning about DEI’s solid support. To achieve this, a snapshot of all DEI balances is taken before tokens are burned. After assessing all balances, a comprehensive collection and redemption plan will be developed. For users having trouble trying to arbitrage after the hack, there will be an assessment, and they may be allowed to reverse those trades as soon as possible.

This action will involve recording the DEI in circulation and adding support from all other users. DEUS advises users to be patient and only interact with an existing DEI contract once a specific redemption plan is in place.

In addition, DEUS states that it will not take any legal action if the funds are returned. This event will be considered a white hat rescue, and 20% of the money will be awarded as a bug bounty. The team also confirmed that the multi-signature on the BSC chain is controlled by the DEUS team. The team will publicly confirm the receipt of the funds.

DEI stablecoin token was hacked and lost $1. The token was recently pegged at $0.30 and lost that peg during the attack. The cause of the attack was discovered to be a fundamental technical problem in the token contract, and this also led to a drop in the protocol’s DEUS token by more than 30%.

Before that, in May of last year, the ecosystem was hit by two flash loan attacks in the past two months, resulting in a loss of more than $30 million.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Foxy

Coincu News