Inverse Finance

Hackers Extort Millions From Ethereum DeFi Protocol – Inverse Finance

An Ethereum Defi protocol – Inverse Finance was hacked in the early hours of Saturday. According to reports, the hacker has already stolen over $14.6 million through Tornado Cash.

Another day, another DeFi hack – sounds all too familiar, right?

 Inverse Finance is the latest Ethereum protocol to suffer a multi-million dollar heist. 

   Ethereum’s DeFi ecosystem suffers another major hack

Inverse Finance, a stablecoin protocol that focuses on capital efficient yield generation, had assets drained in an exploit early Saturday. The Inverse team was alerted about the hack by PeckShield, one of the leading crypto industry’s top security analytics companies. PeckShield alerted the Inverse Finance Team on Twitter minutes after the incident occurred.

RELATED: Ethereum can lose DeFi dominance due to scaling issues, says JPMorgan

 According to the reports via a series of tweets, PeckShield cited that the hacker made deposits of 901 Ethereum to the protocol and used an oracle manipulation bug to manipulate the price of Inverse’s INV token. They proceeded to use INV as collateral to borrow assets and drain the protocol. 

Data curated from Etherscan 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 currently contains just over $250,000 as at press time.

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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