Decentralized financial lending service Inverse Finance was hacked for the second time in two months using an instant loan exploit. This time the hackers stole $1.2 million in BTC and USDT.
DeFi Inverse Finance Team reported about the hack on Thursday, June 16 via Twitter. After the incident, the company temporarily suspended lending:
“The incident removed DOLA from our Frontier money market.”
Using an exploit, the attackers bypassed the protocol and stole more than 53 bitcoins worth more than $1.1 million and 10,000 Tether (USDT) worth $10,000.
According to the published screenshot, the attackers borrowed more than 27,000 wrapped bitcoins from the Aave lending protocol to carry out the attack. The bitcoins were converted via the Curve exchange service into stablecoins and then used to remove the DOLA stablecoin from the pools of Inverse Finance.
Etherscan blockchain data shows that the Inverse Finance Exploiter address sent more than 900 ether worth more than $1 million to the anonymous cryptocurrency mixer Tornado Cash after the exploit. The team claims that user funds were not affected:
“We are investigating the incident, however, user funds were not seized and were not at risk. We are investigating and will provide more details soon.”
For the first time, attackers stole more than $15 million worth of cryptocurrencies from the decentralized platform Inverse Finance. In April, PeckShield cybersecurity experts reported that Deus Finance was hacked by a hacker who used a script already used to illegally withdraw assets from the same platform. As a result of a cyber attack, the platform lost $13 million in cryptocurrency.
Source: Bits
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