Inverse finance is the latest protocol to suffer a multi-million dollar exploit. As we all know that the Ethereum DeFi ecosystem has suffered another big hack.
Inverse finance, a stablecoin protocol that watches on the capital-efficient yield generation, was drained in an exploit this early Saturday( approximately $15 million worth of crypto lost during the incident.)
This was made known to the community by PeckShield, one of the crypto industry’s top security analytics companies some minutes after the incident.
Etherscan data shows that the hacker drained millions of dollars in YFI, WBTC, and Inverse’s own DOLA token from the protocol and then used decentralized exchanges such as Uniswap to trade the assets for Ethereum. This Ethereum wallet connected to the hacker has already siphoned 4,200 Ethereum worth around $14.6 million through the transaction mixer Tornado Cash in a bid to cover their traces. The wallet contains just over $250,000 at press time.
The inverse team acknowledges the hack in the tweet but has yet to give the full account on it, “We are currently addressing the situation please wait for an official announcement,” the post read.
Interestingly, defying a trend that happens with most other DeFi hacks, Inverse’s INV is currently holding up in the market. It’s up 5.9% at press time, trading at $402.
This story is breaking, please wait patiently as more updates will be posted soon.