Finding loopholes in these smart contracts is not easy and spending about 900 Ethereum trying to exploit them suggests that people have a connection to the smart contract developers, which ultimately proves that the word “decentralized finance” is for media propaganda as these platforms are completely centralized.
Therefore, you must not trust those currencies that are based on the principle of proof of stake or that do not contain a sufficient number of miners, or those that are linked to the programming of certain contracts such as centralized exchanges and others, in short, buy bitcoin.
only less than 1%of altcoins are true decentralized.
Topic: Can DeFi still be trusted?? - page 5. (Read 792 times)
another bad day for inverse finance, they got exploited for $1.2 million
due to this news INV token trading volume dropped drastically (72%).
whether vulnerabilities to exploits in DeFi make investor funds insecure? if you have investment in DeFi token please give your opinion!!
Quote
Exploiters seemed to use a flash loan attack to trick the protocol and steal more than 53 bitcoin, worth $1.1 million, and 10,000 tether (USDT), a stablecoin backed on a 1-1 basis with U.S. dollars. The exploit comes just over two months after attackers stole $15 million worth of cryptocurrencies from Inverse Finance in a similar attack, as previously reported.
Blockchain data apparently shows the exploiters flash-borrowed some 27,000 wrapped bitcoin from lending protocol Aave to conduct the attack. The funds were routed through swap service Curve for various stablecoins before being used to remove DOLA, a stablecoin, from Inverse Finance pools.
An address tagged as “Inverse Finance Exploiter” on blockchain analysis tool Etherscan apparently sent 900 ether, worth $1 million, to privacy mixer Tornado Cash following the exploit, data shows.
Tornado Cash allows users to mask addresses and is sometimes employed by attackers to hide their stolen funds.
https://www.coindesk.com/tech/2022/06/16/defi-protocol-inverse-finance-exploited-for-12m/Blockchain data apparently shows the exploiters flash-borrowed some 27,000 wrapped bitcoin from lending protocol Aave to conduct the attack. The funds were routed through swap service Curve for various stablecoins before being used to remove DOLA, a stablecoin, from Inverse Finance pools.
An address tagged as “Inverse Finance Exploiter” on blockchain analysis tool Etherscan apparently sent 900 ether, worth $1 million, to privacy mixer Tornado Cash following the exploit, data shows.
Tornado Cash allows users to mask addresses and is sometimes employed by attackers to hide their stolen funds.
due to this news INV token trading volume dropped drastically (72%).
whether vulnerabilities to exploits in DeFi make investor funds insecure? if you have investment in DeFi token please give your opinion!!
Jump to: