Landing protocol Inverse Finance has been hacked. As a result of the hack, the bad actor has stolen about $1.2 million in digital assets. However, according to PeckShield, the project losses could exceed this amount.
The company has explained the hacker used flash loans to manipulate the price oracle, which calculates the value of LP tokens based on the balance of assets in the liquidity pool.
The attacker withdrew 53 BTC and 100,000 USDT from the protocol. At the moment, the address associated with it holds around 68 ETH.
He has sold the rest of the assets on the decentralized exchange Uniswap and has sent it to the address of the Ethereum mixer Tornado Cash.
The Inverse Finance team has also confirmed the hack.