Inverse Finance Got Hacked and Lost $15 Million in Crypto

On Saturday, an apparent hack attacked Inverse Finance, a lending-focused decentralized financial system, resulting in the loss of around $15 million in cryptocurrency. PeckShield, a blockchain analytics firm, was the first to notice the problem.

After receiving the information the team tweeted, “We are actively resolving the situation, please wait for an official update.” A similar message was sent on the Discord server for InverseDAO, the protocol’s governance body.

According to Etherscan, the hack happened shortly after 11:00 a.m. GMT. The missing funds were in ETH, WBTC, and DAI. According to additional blockchain data, some of the exploited ETH holdings were moved to Tornado Cash, a popular transaction mixer on the Ethereum network, within an hour of the exploit’s detection. The Block Research said the hack was made possible after the attacker manipulated the price of INV, the governance token for Inverse Finance. This was done after completing an exchange valued at 500 ETH on SushiSwap.

Although, the system got hacked, but the price of the Inverse Finance ($INV) token doesn’t change much and still trades at $402. However, at the time of writing the price is down nearly 20% in the day at $296 before it recovers to the current level.

We’ve updated the latest news about Inverse Finance got hacked, check more HERE !

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