Inverse Finance was hacked on Saturday. The hacker has already moved over $14.6 million through Tornado Cash.
Another day, another DeFi hack. Inverse Finance is the latest Ethereum protocol to suffer a multi-million dollar exploit.
Inverse Finance Suffers Multi-Million Dollar Hack
Ethereum’s DeFi ecosystem has suffered another major hack.
Inverse Finance, a stablecoin protocol that focuses on capital efficient yield generation, was drained in an exploit early Saturday. PeckShield, one of the crypto industry’s top security analytics companies, alerted the Inverse team to the hack on Twitter minutes after the exploit occurred.
PeckShield explained in a series of tweets that the hacker deposited 901 Ethereum to the protocol and used an oracle manipulation bug to manipulate the price of Inverse’s INV token. They then used INV as collateral to borrow assets and drain the protocol. Etherscan data shows that the hacker drained millions of dollars in YFI, WBTC, and Inverse’s own DOLA token from the protocol and then used decentralized exchanges such as Uniswap to trade the assets for Ethereum. This Ethereum wallet connected to the hacker has already siphoned 4,200 Ethereum worth around $14.6 million through the transaction mixer Tornado Cash in a bid to cover their traces. The wallet contains just over $250,000 at press time.
The Inverse team acknowledged the hack in a tweet, but has not yet shared a full statement. “We are currently addressing the situation please wait for an official announcement,” the post read.
Interestingly, defying a trend that happens with most other DeFi hacks, INV is currently holding up in the market. It’s up 5.9% at press time, trading at $402.
This story is developing and will be updated as more details emerge.
Disclosure: At the time of writing, the author of this piece owned ETH, INV, and several other cryptocurrencies. They also had exposure to UNI and YFI in a cryptocurrency index.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
NFT Express: Your on-ramp to the world of NFTs
At Tatum, we’ve already made it super easy to create your own NFTs on multiple blockchains without having to learn Solidity or create your own smart contracts. Anyone can deploy…
Bored Ape Yacht Club Discord Server Hacked After Ticket Tool Exploit
Several Discord servers, including that of the Bored Ape Yacht Club, have been compromised. Hackers appear to have exploited a recent Ticket Tool Discord bot update to post phishing links…
Millions Lost as Solana DeFi App cashio Suffers Hack
The Solana stablecoin protocol cashio has suffered an exploit leading to a complete collapse of its flagship stablecoin, CASH. cashio Hacked for Millions cashio, a stablecoin protocol on Solana, has…
OpenSea NFT Hack Exposes Web3 Self-Custody Risks
The hacker stole hundreds of high-value NFTs from sought-after collections like Bored Ape Yacht Club, Azuki, and NFT Worlds. OpenSea Users Targeted in NFT Hack A hacker stole millions of…