Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Ethereum-based DeFi project hacked, $11 million stolen

CryptocurrencyMay 10, 2021 06:00PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Ethereum-based DeFi project hacked, $11 million stolen

Rari Capital, an Ethereum-based decentralized finance (DeFi) project has lost $11 million to the cold hands of hackers.

The company announced on Saturday that about 60% of its entire user funds were stolen by hackers. As per the announcement, the hackers stole approximately 2600 ETH from the project’s Ethereum pool. However, unlike other hack cases such as the infamous Mt.Gox security breach that has lingered on for years, Rari’s token holders have voted to issue reimbursements.

The community will be setting aside 2 million RGT to compensate users that lost their tokens in the hack. With the price of the digital asset trading at around $12.43, the compensation plan comes in at $24 million.

According to CEO Jai Bhavnani, team members will be sacrificing their RGT allocations to see that affected users are refunded. He said:

Countless protocols get hacked each year and it is a matter of how the community and the protocol that determines the future of the project.
Rari Capital describes itself as a “robo-advisor for maximizing yield.” The non-custodial fund promises to juice the gains of users who entrust the company with their funds.

This year alone, the cryptocurrency industry has experienced several hacks, rug pools, and exit scams. As reported by BTC PEERS, the CEO of a Turkish exchange Thodex allegedly fled with $108 million worth of cryptos belonging to customers.

Rari’s innocence is hinged on how and when affected users will be reimbursed.

Continue reading on BTC Peers

Ethereum-based DeFi project hacked, $11 million stolen
 

Related Articles

Germany commemorates Euro 2020 soccer team with NFTs
Germany commemorates Euro 2020 soccer team with NFTs By Cointelegraph - Jun 22, 2021

The German Football Association (DFB) has officially announced the debut of national soccer team nonfungbile tokens (NFTs) in partnership with a major blockchain-based fantasy...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
michael wesley
michael wesley May 10, 2021 7:58PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
can you imagine!
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email