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ID:

inverse-finance-940

Date:

Status:

Incident Count:

June 16, 2022

Verified

2

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REKT

Contributor:

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web3rekt.com

KYC By:

KYC:

No

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Audit By:

Audits:

DefiSafety

Loss Amount:

1,260,000

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Recovered:

-

Rewards:

Currency:

USD, DOLA

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Inverse has temporarily paused borrows following an incident this morning where DOLA was removed from the money market, Frontier. DOLA is a capital-efficient decentralized debt-backed stablecoin on Ethereum and Fantom, every single DOLA in circulation is backed by collateral worth a higher value making it what is called an over-collateralized stablecoin.

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.

Updated 6/23: Hacker started to launder the funds through Tornado.Cash.

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