Hackers Exploit DeFi Protocol Inverse Finance to Steal $1.2M Worth of Crypto

Ethereum-based decentralized finance tool Inverse Finance was exploited for over $1.2 million worth of cryptocurrency on Thursday morning, on-chain data appears to show.

Exploiters seemed to use a flash loan attack to trick the protocol and steal more than 53 bitcoin, worth just over $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 over $15 million worth of cryptocurrencies from Inverse Finance in a similar attack.