The hacker stole about $1.2 million as a result of the attack on the landing project Inverse Finance

The Inverse Finance landing protocol was subject to a hacker attack, as a result of which the attacker withdrew digitalassets worth about $1.2 million. Project losses could exceed that amount, PeckShield said.

The company explained that the hacker used the instant loan to manipulate the price oracle, which calculates the value of LP tokens based on the balances of assets in the liquidity pool. 

The attacker withdrew 53 BTC and 100,000 from the protocolUSDT. At the time of writing, the address associated with it holds ~68 ETH. He sold the rest of the assets on the decentralized exchange Uniswap and sent it to the address of the Ethereum mixer Tornado Cash.

The Inverse Finance team also confirmedinformation about the hack. To prevent further loss of funds, the developers have temporarily disabled borrowing operations. They stressed that no user assets were affected during the incident.

Recall that in April 2022, an unknown person withdrew over $15 million in digital assets from the Inverse Finance protocol. Then the hacker took advantage of a vulnerability in the Keep3r price oracle.