The victim of a new altcoin hack attack is Ethereum-based DeFi protocol Inverse Finance and tons of coins are dumped on the market…
Inverse Finance (INV) lost millions of dollars to hackers
Another day, another a DeFi hacking attack. Inverse Finance (INV) has become the latest Ethereum protocol to suffer a multi-million dollar exploit. Inverse Finance, a stablecoin protocol focused on capital-efficient return generation, was drained in a hack attack early Saturday. Blockchain security analysis firm PeckShield alerted the Inverse team to the attack on Twitter minutes after the attack took place.
PeckShield stated in a series of tweets that the hacker deposited 901 Ethereum into the protocol. and revealed that Inverse used an oracle manipulation bug to manipulate the price of its INV token. They then used INV as collateral to borrow assets and offload the protocol. Etherscan data shows that the hacker dumped millions of dollars from the protocol in his own DOLA token of YFI, WBTC and Inverse, and then used decentralized exchanges like Uniswap to trade the assets for Ethereum.
This hacker-linked Ethereum wallet has rendered 4,200 Ethereum worth approximately $14.6 million untraceable via the Tornado Cash transaction mixer in order to obfuscate them. The wallet is just over $250,000 at the time of writing. The Inverse team acknowledged the attack in a tweet, but has yet to share a full statement. “We are currently addressing the situation, please wait for an official announcement,” the post said.
Altcoin price crashes
Initially, Inverse Finance (INV) price was trading around $400, up 5.9% on the last 24-hour timeframe. After the hack, it lost more than 60 percent of its value within minutes. INV price is currently trading below $300, losing a significant portion of its market cap on the drop.
Kriptokoin.com, which we cited as recent developments, included the theft of $4 million stablecoins and cryptocurrencies by Voltage Finance. Details can be found here.
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