Inverse Finance, the decentralized DeFi protocol focused on lending, lost $15 million as a result of the attack.
The situation was first spotted by PeckShield, a blockchain analytics firm.
The team acknowledged the situation in a tweet today, saying, “We are currently addressing the situation, please wait for an official announcement.” Likewise, a message was published on the Discord server.
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+ (@InverseFinance) April 2, 2022
It was stated that the lost funds were in ETH, WBTC and DAI. According to other blockchain data, some of the working ETH assets were sent to Tornado Cash, a mixer operating on the Ethereum network, within an hour.
According to analysis by The Block Research, the attacker easily carried out the attack after manipulating the price of Inverse Finance’s native token, INV.
