The team of decentralized finance (DeFi) project Indexed Finance has said it has tracked down a hacker who stole approximately $16 million in assets from the protocol.
Indexed Finance offers users access to crypto-focused digital indices. These instruments are ERC-20 tokens placed in liquidity funds managed by a "fork of the Balancer protocol."
Last October 15, a hacker exploited a vulnerability in the mechanism to rebalance the project's liquidity funds. The attack affected two index tokens, DEFI5 and CC10, and the attacker used flash loans to carry it out.
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On October 16, Indexed Finance offered the hacker time to return the funds before the end of the day and threatened to publish its data and contact law enforcement agencies.
While the attacker did not return the funds in time, the Indexed Finance team did not follow through with its threats either. The devs explained the changes to the account made by the hacker made them realize he was much younger than they first thought.