The DEI altcoin, a stablecoin project owned by Deus Finance, has been hacked on the Arbitrum network.
The DEI token has been hacked before and has already lost its $1 stable. The token was pegged at $0.30 recently and lost that peg after the attack. It was learned that the source of the attack was a fundamental implementation error in the token contract.
A core implementation error in the token contract is a bug in the code of the token contract that affects the functionality or security of the contract.
For example, a fundamental implementation flaw in the token contract of the DEI stablecoin allowed anyone to issue new DEI tokens without any restrictions or controls. This allowed a hacker to abuse the token contract and manipulate the price of the DEI.
Deus Finance is a project that aims to provide general access to enterprise-grade blockchain derivatives. It provides the framework for optimistic on-chain digital derivatives such as synthetic stocks, commodities, forex, and cryptocurrencies.
DEI is used as collateral for every financial instrument and protocol built on the Deus Finance infrastructure.
*Not investment advice.
