Price oracle manipulation
Days in Operation:
100 pts each
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.
DISCLAIMER: While web3rekt has used the best efforts in aggregating and maintaining this database, this web site makes no representations or warranties with respect to the accuracy or completeness of its information and data herein, and specifically disclaim any implied warranties of merchantability or fitness for any particular purpose.
Under no circumstances, shall web3rekt be liable for any loss of profit or funds, any regulatory or governmental penalties, any legal costs, or any other commercial and non-commercial damages, including but not limited to special, incidental, consequential, or other damages from any or all usage of the data and information derived from this database.