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Inverse Finance, an Ethereum-based lending protocol, was hacked and $15.6 million was stolen

Inverse Finance, a lending platform based on the Ethereum blockchain, announced on Saturday that it had been hacked.

The crooks allegedly made off with $15.6 million in stolen cryptocurrency, according to numerous news sources.

According to sources, the attacker targeted the Anchor (ANC) money market, securing loans with little or no collateral after manipulating token prices to drive them down.

The Inverse attacker allegedly used a Keep3r price oracle’s vulnerability to steal tokens, according to blockchain security firm PeckShield.

Theft of a Trademark by Hackers

The method fools the oracle into thinking the value of the Inverse INV token has risen. The assailant then appears to have gotten multimillion-dollar loans with INV as collateral.

Inverse Finance has temporarily halted borrowing on Anchor as a result of the event.

The hacker needed $3 million in ETH from Ethereum-based mixer Tornado Cash to carry out the attack.

The unknown funds were then pumped into several trading pairings on the decentralized exchange SushiSwap, causing the price of INV to rise in the Keep3r price oracle.

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