Landing project Inverse Finance reported on April 2 that hackers had stolen more than $15.6 million from the project.
It should be noted that the protocol team has promised to compensate users for the losses.
As reported by the project team:
"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."
According to cybersecurity firm PeckShield, an attacker exploited a vulnerability in the Keep3r price oracle, which Inverse Finance uses to track token prices. The exploit allowed the hacker to "spoof" the protocol: it inflated INV prices and used the asset as collateral in the marketplace Anchor Protocol.
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The company has highlighted the hacker needed to deposit 901 ETH (more than $3.15 million) to carry out the attack. The funds came from the crypto mixer Tornado Cash. The attacker also transferred most of the stolen assets to the service's address.