Update: Inverse Finance Got Hacked and Lost $15.6 Million In Total

According to an announcement on the Inverse Finance Twitter account published on April 2, the system was hacked for $15.6 million in total Using an oracle manipulation bug, the hacker was able to artificially inflate the price of the INV token.

This allowed them to borrow millions of dollars in various tokens, such as wrapped Bitcoin (wBTC) and Yearn.Finance (YFI), on its Anchor money market. Because of the incident, Inverse Finance has temporarily suspended borrowing on Anchor.

In order to carry out the attack, the hacker needed to use $3 million in ETH from Ethereum-based mixer Tornado Cash. The majority of the stolen assets have already been laundered using Tornado Cash, making it difficult for authorities to hunt down the ill-gotten tokens. According to the Inverse Finance team, no new INV tokens will be produced in the aftermath of the attack. In exchange for coming forward and returning the stolen funds, the hacker who exploited the bug is being offered a “generous bounty.”

Several DeFi Hacks In A Nutshell

The decentralized finance industry is still under constant attack. The Ronin sidechain of Axie Infinity was recently stolen for $540 million, making it one of the largest cryptocurrency-related hacks in history.

Just a few days ago, about $5 million in cryptocurrency was stolen from the Ola Finance protocol. Last year, DeFi hacks totalled $1.3 billion in 2021. According to DefiLlama data, the total value locked (TVL) in protocols across all chains is present at $231 billion.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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