DeFi Inverse Finance lost $1.2 million in cryptocurrency as a result of a cyberattack

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Decentralized financialCredit service Inverse Finance was hacked for the second time in two months using an instant loan exploit. This time, hackers stole $1.2 million in BTC and USDT.

The Inverse Finance DeFi team reported the hack on Thursday, June 16, via Twitter. After the incident, the company temporarily suspended lending:

“The incident resulted in the removal of 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, forIn carrying out the attack, the attackers borrowed more than 27,000 wrapped bitcoins from the Aave lending protocol. The bitcoins were converted through the Curve exchange service into stablecoins and then used to remove the DOLA stablecoin from Inverse Finance pools.

Etherscan blockchain data shows thatThe Inverse Finance Exploiter address after the exploit sent more than 900 ether worth more than $1 million to the anonymous cryptocurrency mixer Tornado Cash. The team claims that user funds were not affected:

“We are investigating the incident, but no user funds were seized or compromised. We are investigating and will provide more details soon."

The first time the attackers stole fromdecentralized platform Inverse Finance cryptocurrency worth more than $15 million. In April, cybersecurity specialists PeckShield reported that Deus Finance was hacked by a hacker who used a script that had already been used to illegally withdraw assets from the same site. As a result of the cyber attack, the site lost $13 million in cryptocurrency.