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    Inverse Finance Suffers Exploit Because of a Vulnerability Related to Oracle

    Inverse Finance, a decentralized finance protocol focused on lending, was the target of an exploit on Saturday, with approximately $15 million lost during the incident.

    The situation was discovered by PeckShield, a blockchain analytics company.

    Blockchain data indicates that the exploit took place just after 11:00 GMT. The lost funds were denominated in ETH, WBTC, and DAI. Further blockchain data shows that some of the exploited ETH holdings were sent to Tornado Cash, a popular transaction mixer on the Ethereum network, within an hour of the exploit happening.

    Here is Inverse’s latest announcement:

    The project also reported that this incident is not related to flash loans, as well as bugs in smart contracts and the front end. It is suspending lending activities on Anchor.

    For further analyzing the vulnerability related to oracle, Igor Igamberdiev, a Twitter account, said:

    Since the incident was announced, the INV price has quickly plummeted, with a volatility of -16.5% in the last 24 hours.

    INV price is fluctuating due to the oracle incident (INV token graph)

    Coming along with the craze over digital assets is the rise of crypto thieves. Recently, Blockchain powering Axie Infinity, Ronin, has been swiped more than $600M, making it the biggest crypto hack ever. Securities and Exchange Chairman Gary Gensler has repeatedly said cryptocurrencies deserve more government scrutiny, particularly to help protect investors. Last year, he called on Congress to ramp up its authority over the cryptocurrency industry. “Right now, we just don’t have enough investor protection in crypto,” he said. “Frankly, at this time, it’s more like the Wild West.”

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