Decentralized Finance protocol Inverse Finance has been exploited for $1.2 million worth of crypto assets in flash loans.
The hackers used flash loans of 27,000 wrapped Bitcoin worth about $579 million at around 4.47 a.m. ET in the heist as per the on-chain data report. The lost funds also included 53 BTC and 100,000 USDT.
Flash loans are loans taken out with the terms demanding that the borrowed amount be refunded in a single transaction. The loans are set for arbitrage trading and enhancing capital efficiency, but hackers used them to manipulate DeFi price data feeds or oracles.
Source: Etherscan
