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Inverse Finance Exploited Over $1.1M Cryptos

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Inverse Finance

Decentralized finance tool Inverse Finance has temporarily suspended borrowing activity after some $1.1-million worth of cryptocurrency was stolen.

Source: Etherscan

BTC is down 0.21%, USDT up 0.05%, and AAVE up 2.40%.

On-chain data show that exploiters amassed over 53 Bitcoin worth over $1.1 million and some 10,000 Tether just over two months after some $15-million worth of digital tokens were stolen similarly.

Data also indicate that the exploiters flash borrowed more than 27,000 wrapped Bitcoin from Aave for the attack. These were then swapped for a number of stablecoins before being used to remove DOLA from pools.

Blockchain analysis platform Etherscan found that an address tagged as “Inverse Finance Exploiter” forwarded over 900 Ether estimated to be worth over $1 million to Tornado Cash after the incident.

The platform said borrowings were temporarily stopped, noting that the incident is already being investigated. It also noted that no user funds have been taken or are at risk.

 

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