Inverse Finance drained for $1.2 million in a flash loan attack

  • 📰 TheBlock__
  • ⏱ Reading Time:
  • 61 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 28%
  • Publisher: 53%

United States News News

United States United States Latest News,United States United States Headlines

Inverse Finance drained for $1.2 million in a flash loan attack By vishal4c

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

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

vishal4c Use unoreinsure $uno to secure your wallet, no more money drained 👌🫶 love unore for this innovation 🙏

vishal4c Wow, we also found this abnormal flashloan:

vishal4c Bottom's near imo

vishal4c inversebrah

vishal4c has started spread to other projects

vishal4c 👏👏👏👏👏👏👏

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 464. in US

United States United States Latest News, United States United States Headlines