Ethereum-based lending protocol Inverse Finance (INV) said Saturday that it suffered from an exploit, with an attacker netting $15.6 million worth of stolen cryptocurrency.
According to Inverse, the attacker targeted its Anchor (ANC) money market – artificially manipulating token prices to borrow loans against extremely low collateral.
This morning Inverse Finance's money market, Anchor, was subject to a capital-intensive manipulation of the INV/ETH price oracle on Sushiswap, resulting in a sharp rise in the price of INV which subsequently enabled the attacker to borrow $15.6 million in DOLA, ETH, WBTC, & YFI
— Inverse+ (@InverseFinance) April 2, 2022
By and large, the assailant figured out how to take off with 1,588 ETH, 94 WBTC, 39 YFI and 3,999,669 DOLA. The assailant has cycled a large portion of the assets back through Tornado Cash – meaning it’s hard to tell where the assets will wind up – however 73.5 ETH (about $250,000) stays in the aggressor’s unique Ethereum wallet.
Reverse said in its declaration that it has briefly stopped all acquiring on Anchor, and a delegate for the convention let CoinDesk know that it is working with Chainlink to fabricate another INV prophet.
Reverse likewise reported that it intends to make a proposition to its decentralized independent association (DAO) to “guarantee all wallets affected by the value control are reimbursed 100 percent,” however without giving further subtleties.