BitcoinWorld

Inverse
Latest News

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.

Related Posts – XRP Price Goes Up After Unexpected Reappearance On Coinbase

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.