September 29, 2022

Hackers stole over $15 million in an attack on the landing project Inverse Finance

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On April 2, the Inverse Finance landing project reported a hacker attack that resulted in the theft of assets worth $15.6 million. The protocol team promised to compensate users for their losses.

According to PeckShield, an attacker exploited a vulnerability in the Keep3r price oracle, which Inverse Finance uses to track token prices. The exploit allowed the hacker to “cheat” the protocol – he inflated INV quotes and used the asset as collateral on the Anchor Protocol market.

The company noted that the hacker needed to deposit 901 ETH (more than $3.15 million) to carry out the attack. The funds came from the Tornado Cash Mixer. The attacker also transferred most of the stolen assets to the address of the service.

At the time of writing, the hacker’s address is practically empty.

The Inverse Finance team has suspended all borrowing operations on the Anchor Protocol marketplace. The developers turned to the hacker with a request to return the stolen assets for a fee.

A proposal to compensate affected users will be submitted to the DAO behind the project for consideration.

Recall that in March 2022, hackers attacked the Ronin sidechain of the blockchain game Axie Infinity. Attackers withdrew assets worth $625 million.

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