DeFiNews

Inverse Finance drained for $1.2 million in a flash loan attack

A decentralized finance (DeFi) protocol called Inverse Finance suffered a flash loan exploit on Thursday, with the hacker making off with about $1.2 million. 

The unknown perpetrator carried out the exploit using a flash loan using 27,000 wrapped bitcoin (worth about $579 million) at around 4:47 a.m. ET, according to on-chain data. The exploited funds included 53 BTC and 100,000 USDT. 

Flash loans are loans taken out with a requirement that the borrowed sum be returned in the same transaction. While flash loans are meant for arbitrage trading and improving capital efficiency, hackers have abused them to manipulate DeFi price data feeds — known as oracles — and carry out exploits.


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