Rari Capital Exploited for $79.3M in DeFi Hack
- DeFi
- DeFi Protocol
- Security
On April 30, 2022, Rari Capital, a DeFi protocol, suffered a massive exploit draining roughly $79.3 million in user funds. Hackers targeted vulnerabilities in the protocol's integration with Fei Protocol, manipulating prices to borrow assets against unbacked collateral. The attack hit multiple pools, wiping out significant TVL in a matter of hours. CT went wild over the scale of the loss, with many pointing fingers at poor audit practices. This became a stark reminder of DeFi's wild west risks during the 2022 bear market.
Incident Details
- Type
- PROTOCOL EXPLOIT
- Funds Lost
- $79.3M
- Status
- Total loss
Significant TVL loss across multiple pools, community backlash over audit failures.