Inverse Finance Hack Results in $15.6 Million Worth of Losses

The team says that the hack was not related to the protocol’s smart contract.

The attacker was able to artificially inflate the price of the INV token by taking an advantage of an oracle manipulation bug. This allowed them to borrow millions in various tokens, including wrapped Bitcoin and Yearn.Finance on its Anchor money market.The hacker had to deploy $3 million worth of ETH from Ethereum-based mixer Tornado Cash in order to pull off the attack.

Most of the stolen funds have already been laundered with the help of Tornado Cash, which will make it difficult for the authorities to track down the ill-gotten tokens. The Inverse Finance team says that no additional INV tokens will be minted in the aftermath of the attack. The hacker who exploited the bug is being offered “a generous bounty” in exchange for coming forward to return the stolen funds.

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