Based on an announcement on the Inverse Finance Twitter account printed on April 2, the system was hacked for $15.6 million in whole Utilizing an oracle manipulation bug, the hacker was capable of artificially inflate the value of the INV token.
This allowed them to borrow thousands and thousands of {dollars} in numerous tokens, equivalent to wrapped Bitcoin (wBTC) and Yearn.Finance (YFI), on its Anchor cash market. Due to the incident, Inverse Finance has briefly suspended borrowing on Anchor.
To be able to perform the assault, the hacker wanted to make use of $3 million in ETH from Ethereum-based mixer Twister Money. The vast majority of the stolen belongings have already been laundered utilizing Twister Money, making it troublesome for authorities to search out the ill-gotten tokens. Based on the Inverse Finance workforce, no new INV tokens might be produced within the aftermath of the assault. In change for coming ahead and returning the stolen funds, the hacker who exploited the bug is being supplied a “beneficiant bounty.”
A number of DeFi Hacks In A Nutshell
The decentralized finance business remains to be beneath fixed assault. The Ronin sidechain of Axie Infinity was just lately stolen for $540 million, making it one of many largest cryptocurrency-related hacks in historical past.
Just some days in the past, about $5 million in cryptocurrency was stolen from the Ola Finance protocol. Final yr, DeFi hacks totalled $1.3 billion in 2021. Based on DefiLlama knowledge, the entire worth locked (TVL) in protocols throughout all chains is current at $231 billion.
DISCLAIMER: The Info on this web site is supplied as basic market commentary and doesn’t represent funding recommendation. We encourage you to do your individual analysis earlier than investing.
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