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Another day, another DeFi hack. Inverse Finance is the latest Ethereum protocol to suffer a multi-million dollar exploit.
Inverse Finance suffers from multi-million dollar hack
Ethereum’s DeFi ecosystem has suffered another major hack.
Inverse Finance, a stablecoin protocol focused on capital-efficient return generation, was hit in an exploit early Saturday. PeckShield, one of the leading security analysis companies in the crypto industry, alarmed the Inverse team on the hack on Twitter minutes after the exploit appeared.
PeckShield explained in a series of tweets that the hacker logged 901 Ethereum and used an oracle manipulation error to manipulate the price of Inverse’s INV token. They then used INV as collateral to borrow assets and dump the log. Etherscan data shows that the hacker siphoned millions of dollars of YFI, WBTC and Inverse’s own DOLA token from the protocol, then used decentralized exchanges like Uniswap to trade the assets against Ethereum. This Ethereum wallet linked to the hacker has already withdrawn 4,200 Ethereum worth around $14.6 million via transaction mixer Tornado Cash to cover their tracks. The wallet contains just over $250,000 at press time.
The Inverse team confirmed the hack-in a tweet, but has not yet made a full statement. “We are currently dealing with the situation, please wait for an official announcement,” the post said.
Interestingly, despite a trend seen in most other DeFi hacks, INV is currently holding its own in the market. At press time, it is up 5.9% and trading at $402.
This story is evolving and will be updated as more details emerge.
Disclosure: At the time of writing, the author of this article owned ETH, INV, and several other cryptocurrencies. They also had exposure to UNI and YFI in a cryptocurrency index.
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