Inverse Finance (INV), an Ethereum-based lending protocol, said Saturday: suffered from an attack The attackers made $15.6 million in stolen cryptocurrencies.
Attackers target Anchor (ANC) money market.
This is the third multi-million dollar hack of the DeFi protocol this week and highlights more sophisticated techniques. On Tuesday, the Ronin network just announced a loss of more than $625 million, and two days later the Ola Finance protocol said it was compromised for $3.6 million.
According to blocked security companiesChain PeckShield states that Inverse attackers exploit vulnerabilities inKeep3r price at oracle Inverse is used to track token prices. The attacker tricked the oracle into thinking that the price of Inverse’s INV tokens was exceptionally high. It then borrowed millions of dollars from Anchor using INV as collateral.
The attacker managed to escape with 1588 ETH, 94 WBTC, 39 YFI and 3,999,669 DOLA, and go to Tornado Cash, meaning it is difficult to know where the funds will end up, but 73.5 ETH (~$250k) still remains. It is in the original Ethereum wallet of theattack
Inverse said in its announcement it was temporarily suspending all borrowing on Anchor, and a representative for the protocol said it was working with Chainlink to create a new INV oracle.
Inverse also announced that it plans to continue making offers. Decentralized Autonomous Organization (DAO) to “ensure that all affected wallets are 100% reimbursed,” although they did not provide further details.
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