DeFi Lender Inverse Finance Exploited for $15.6 Million

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DeFi lending protocol InverseFinance announced today that an exploit allowed an attacker to run away with $15.6 million in user funds. skesslr reports

SushiSwap – inflating the price of INV in the eyes of the Keep3r price oracle.

With the price of INV sufficiently high, the attacker then took out INV-backed loans on Anchor before arbitrageurs brought the price of INV back down to normal levels. A representative from PeckShield noted to CoinDesk that the attack was high-risk, since the $3 million worth of crypto used to trick the price oracle would have been completely lost if the price of INV fell back to normal levels before the attacker took out the loans.

Altogether, the attacker managed to run away with 1588 ETH, 94 WBTC, 39 YFI and 3,999,669 DOLA. The attacker has cycled most of the funds back through Tornado Cash – meaning it’s difficult to know where the funds will end up – but 73.5 ETH remains in the attacker’s originalInverse said in its announcement that it has temporarily paused all borrowing on Anchor, and a representative for the protocol told CoinDesk that it is working with Chainlink to build a new INV oracle.

Inverse also announced that it plans to make a proposal to its decentralized autonomous organization to “ensure all wallets impacted by the price manipulation are repaid 100%,” though without providing further details.

 

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InverseFinance skesslr I would love to know how these arbitrageurs with INV were able to manipulate the price back down. Sounds like a thief stole 15 m from a thief.

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InverseFinance skesslr That is, a loan office similar to a traditional bank to complete

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InverseFinance skesslr Said state of play when I read this and think 'Oh, it's only 15m'.

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InverseFinance skesslr OK we've read it before. Next..

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DeFi protocol Inverse Finance suffers exploit, loss of $15 million in cryptoInverse 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. almost saw it live by chance... inversebrah
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