Inverse Finance Loses $14.6M After a Successful Multi-Million Dollar Hack
- Hackers used INV as collateral to get loans and deplete the protocol.
- Inverse Finance is powered by the Ethereum token Inverse Finance (INV).
Ethereum’s newest protocol, Inverse Finance, has just been the victim of a multi-million dollar attack. An attack took advantage of Inverse Finance, a stablecoin system that focuses on generating capital-efficient yields. A leading crypto security analytics firm, PeckShield, notified the Inverse team through Twitter minutes after the attack was discovered.
The decentralized lending, borrowing, and creation platform Inverse Finance is powered by the Ethereum token Inverse Finance (INV). Inverse Finance products are governed by INV, which may be used to vote on future improvements.
$14.6M Drained Out
Hacker injected 901 Ethereum into the system and utilized an oracle manipulation flaw to affect the price of Inverse’s INV token, PeckShield said in a series of tweets. Afterwards, they used INV as collateral to get loans and deplete the protocol. Etherscan data have shown that the hacker utilized decentralized exchanges like Uniswap to convert millions of dollars in YFI, WBTC and Inverse’s own DOLA token for Ethereum.
Tornado Cash, the transaction mixer used by the hacker, has already drained out 4,200 Ethereum, worth approximately $14.6 million, from the hacker’s Ethereum wallet. At the time of this writing, the wallet contained a little over $250,000.
However, the Inverse team has not yet released a complete comment on the incident. “We are currently addressing the situation please wait for an official announcement,” the message read. Unlike most other DeFi hacks, INV is presently holding its own in the market, bucking the trend. At the time of this writing, it had gained 5.9% and is trading at $402.
The post has appeared first on thenewscrypto.com
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
