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Inverse Finance DeFi Drained, Here's What's Special About This Hack

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.InverseFinance DeFi protocol attacked, with $1.26 million in $ETH lost, peckshield says

To initiate the attack, the hackers utilized price oracles' manipulation. The oracles calculate LP asset prices using data about the amount of assets in this or that liquidity pool.

For this manipulation, attackers leveraged Aave's flash loan in Curve Finance and borrowed Inverse Finance's asset, DOLA, at an extremely low price. Then, DOLA was exchanged to USDT to repay the initial loan.As a result, hackers managed to move 1,000 Ethers to Tornado Cash transaction obfuscating service. Also, 68 ETH sit in the attacker's account.

Also, PeckShield revealed that the hack may have been performed by a bot that front-runs the"original attack." However, DeFi veteran Banteg, contributor of Yearn.Finance, highlights that the bot would have never cashed out the money so quickly.

 

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