DeFi Lending Protocol Inverse Finance Hacked for $15.6M

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. 1/ The @InverseFinance is exploited in a flurry of txs (one representative hack: https://t.co/KHHWAozWj1), leading to the gain of at least 11.7M for the hacker (The protocol loss is much larger). — PeckShield Inc. (@peckshield) April 2, 2022 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.The post DeFi Lending Protocol Inverse Finance Hacked for $15.6M appeared first on Cryptoknowmics-Crypto News and Media Platform.