Nereus hack

Nereus Finance Exploited for $371,000

08.09.2022 09:17
by Irene Pinchuk
1 min read

Lending protocol Nereus Finance is the latest victim of a flash loan exploit in the crypto industry. The hacker took off with $371,000 worth of USDC.

How was Nereus exploited? First, the hacker used a custom smart contract and received $51 million from AAVE in a flash loan. Then, he manipulated the block price in Trader Joe LP’s pool on the Avalanche smart contracts platform. Finally, he minted Nereus’ NXUSD token worth $998,000, returned the loan, and walked away with the rest of the money in his pocket.

While no user funds are affected, Nereus had to cover the $500,000 worth of NXUSD, that was created due to the exploit. This “bad debt” was paid with funds from Nereus’ treasury.

The hacker is still at loose. Nereus is offering a 20% reward to the hacker if he returns the stolen funds.

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  • After 6+ years in Digital Marketing & Product Management of B2C relationships, I’ve moved onto the B2B world. Now I’m CEO at Scale Final Content, creating remarkable experiences for every business we work with. We Make UX Content That Ranks 🚀 We are a team of industry leading experts with 6+ years of writing experience, accomplishing the latest SEO trends. I'm a crypto enthusiast, NFT lover and marketer. Obsessed about coffee, UX design and UX content. Live in heart of crypto events, Lisbon, full of sun, ocean and music.

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