DESCRIPTION OF EVENTS
"Rari Capital was founded upon a principle whereby yield could be generated without speculation, and instead: utilization. Rari Capital is managed by the $RGT which manages governance over all of the Rari Protocol, a DeFi robo-advisor for maximizing yield."
"Rari Capital is working on building a series of products with the goal of increasing market efficiencies within the crypto-sphere. Our first product is software that can rebalance users holdings across a series of protocols to deliver the highest yield." "Start earning with our yield aggregator product. It's as easy as depositing and watching the number go up."
"Previously, due to loopholes in the RGT Distributor contract, RGT token application and deposit and withdrawal operations have been suspended. Rari Capital is currently reviewing the code update to confirm that there are no other vulnerabilities in the entire code." "DeFi robo-advisor Rari Capital released an official Twitter saying that contract vulnerabilities have been fixed with the cooperation of Quantstamp and no funds have been lost."
Rari Capital discovered a vulnerability in their smart contract, prior to it being exploited.
HOW COULD THIS HAVE BEEN PREVENTED?
No user funds were lost.
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@RariCapital Twitter (Jul 23)
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Rari Capital (Jul 23)
About (Jul 23)