The hacker made off with $1.2 million in crypto assets.
A decentralized finance protocol called Inverse Finance suffered a flash loan exploit on Thursday, with the hacker making off with about $1.2 million. Notably, this comes after Inverse Finance had become a target ofIn today's incident, an unknown perpetrator executed a flash loan attack using 27,000 wrapped bitcoin at around 4:47 a.m. ET, according toof blockchain data shows that the exploited funds were sent to Tornado Cash, a popular transaction mixer on the Ethereum network.
PeckShield, a security firm that first noted the incident, said the protocol loss may be larger than the $1.2 million sum pocketed by the exploiter. Flash loans are loans taken out with a requirement that the borrowed sum be returned in the same transaction. While flash loans are meant for arbitrage trading and improving capital efficiency, hackers have abused them to manipulate DeFi price data feeds — known as oracles — and carry out exploits.
"The hack is made possible due to the price oracle manipulation, which misuses the balances of assets in the pool to directly calculate the LP token price. It is greatly facilitated by the flashloan to skew the reserves in the pool," PeckShield
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