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ID:

inverse-finance-8

Date:

Status:

Incident Count:

April 2, 2022

Verified

2

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REKT

Contributor:

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zerofriction.io

KYC By:

KYC:

No

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Audit By:

Audits:

DefiSafety

Loss Amount:

15,600,000

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Recovered:

-

Rewards:

Currency:

USD

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Key Indicators

Platform:

Type:

Category:

Method:

Data Sources:

Ethereum

Protocol

Lending

Contract Vulnerabilities

Extended Method:

Price oracle manipulation

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Days in Operation:

643

(1.76 Years)

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The company wrote on Twitter that a hacker managed to manipulate its money market, Anchor, and increased the price of INV via Sushiswap – an open-source ecosystem of DeFi tools.

INV is an Ethereum token that powers Inverse Finance, a decentralized platform used for lending, borrowing, and creating synthetic assets.

The manipulation caused a sharp increase in the price of INV, allowing the hacker to borrow $15.6 million in the DOLA, ETH, WBTC and YFI cryptocurrencies against it.

“The manipulation was not a flash loan attack and was unrelated to Inverse’s smart contract or front end code. All future borrows on Anchor are temporarily paused,” the company said initially.

In a blog post on 4/4, Inverse Finance confirmed PeckShield’s analysis which found that the attacker withdrew 901 ETH from Tornado Cash and made a series of trades primarily in the INV/DOLA pool on SushiSwap on Saturday morning. Tornado Cash is a cryptocurrency mixer that allows people to hide the origin of funds.

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