Home Tech DeFi Lender Inverse Finance Exploited for $15.6M

DeFi Lender Inverse Finance Exploited for $15.6M

DeFi Lender Inverse Finance Exploited for $15.6M

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.

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.