News Formal

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

  • 📰 Utoday_en
  • ⏱ Reading Time:
  • 32 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 63%

Sverige Nyheter Nyheter

Sverige Senaste nytt,Sverige Rubriker

.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.

 

Tack för din kommentar. Din kommentar kommer att publiceras efter att ha granskats.
Vi har sammanfattat den här nyheten så att du kan läsa den snabbt. Om du är intresserad av nyheterna kan du läsa hela texten här. Läs mer:

 /  🏆 295. in SE

Sverige Senaste nytt, Sverige Rubriker

Similar News:Du kan också läsa nyheter som liknar den här som vi har samlat in från andra nyhetskällor.

Inverse Finance drained for $1.2 million in a flash loan attackAn unknown perpetrator executed a flash loan attack against Inverse Finance using 27,000 wrapped bitcoin. vishal4c 👏👏👏👏👏👏👏 vishal4c has started spread to other projects vishal4c inversebrah
Källa: TheBlock__ - 🏆 464. / 53 Läs mer »