DeFi protocol Inverse Finance suffers exploit, loss of $15 million in crypto


Inverse Finance, a lending-focused decentralized finance protocol, was the target of an apparent exploit on Saturday, with approximately $15 million worth of crypto lost during the incident.

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The situation was first flagged by PeckShield, a blockchain analytics firm. 

The team acknowledged the situation in a Saturday morning tweet, posting: “We are currently addressing the situation please wait for an official announcement.” A similar message was posted on the Discord server for InverseDAO, the governing structure for the protocol. 

Blockchain data indicates that the exploit took place just after 11:00 GMT. The lost funds were denominated in ETH, WBTC and DAI. Further blockchain data indicates that some of the exploited ETH holdings were sent to Tornado Cash, a popular transaction mixer on the Ethereum network, within the hour of the exploit’s occurrence.

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An analysis by The Block Research indicates that the exploit was facilitated after the attacker manipulated the price of INV, the governance token for Inverse Finance. This was accomplished after conducting a swap on SushiSwap worth 500 ETH. 

This is a developing story.

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