Hacker Exploits $15.6 Million from DeFi Protocol Inverse Finance

cryptocurrency hackers by Kevin Ku on Unsplash
cryptocurrency hackers by Kevin Ku on Unsplash

Inverse Finance (INV) the Ethereum-based lending protocol said Saturday that it witnessed an exploit. The attackers ran away with $15.6 million worth of cryptocurrency. 

According to the platform, the hackers targeted its Anchor (ANC) money market. They manipulated token prices and borrowed loans against extremely low collateral. 

“This morning Inverse Finance’s money market, Anchor, was subject to a capital-intensive manipulation of the INV/ETH price oracle on Sushiswap, resulting in a sharp rise in the price of INV which subsequently enabled the attacker to borrow $15.6 million in DOLA, ETH, WBTC, & YFI— Inverse+,” Said the company in a Tweet. 

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The operation is the third multi-million dollar hack of a decentralized finance protocol (DeFi) this week, underscoring the rising complicated techniques used by hackers. 

On Tuesday, the Ronin Network announced a massive loss of over $625 million in crypto. Two days later, the lending protocol Ola Finance said it was exploited for $3.6 million.