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Ethereum-based lending protocol Inverse Finance (INV) has suffered an exploit worth $15.6 million in cryptocurrencies.
Inverse Protocol is the Latest DeFi Protocol to Get Hacked
According to blockchain security firm PeckShield, the hackers conducted the attack via an oracle bug by manipulating the price of INV, the protocol’s native token, and used it as collateral to steal other cryptocurrencies from the platform. https://twitter.com/peckshield/status/1510232640338608131 The stolen assets include Yearn Finance (YFI), Wrapped Bitcoin (WBTC), and DOLA in addition to 1,588 ETH, 94 WBTC, 39 YFI, and 3,999,669 DOLA. The hackers then swapped the tokens for Ether (ETH) on Uniswap before moving the funds to Tornado Cash to avoid traces. However, 773 ETH worth about $250,000 still remains in the attacker’s original Ethereum wallet. Inverse Finance plans to fully reimburse affected users if the decision passes DAO. The firm also revealed that it has no plans to mint additional INV tokens in order to repay affected users. Following the hack, INV token has dropped 4% to $318 in the last 24 hours.