DeFi protocol Inverse Finance has been hacked: $15 million crypto loss
Inverse Finance, a decentralised finance protocol that generates yield on stablecoins has been the target of a new hack, with approximately $15 million worth of crypto lost during today’s incident.
The situation was first flagged by PeckShield, a blockchain analytics firm that alerted the Inverse team to the hack on Twitter minutes after the exploit occurred.
Not your keys — not your coins!
Yeah, even if you have your own keys, the underlying smart contracts you send tokens to concentrate the value in some places. Hardly “decentralized”.
The total value of defi hacks has just been incredible. I think this makes it almost 2 billion in total value lost? Ridiculous.
And will only increase unfortunately, the quality of the projects leaves much to be desired. We recently found a vulnerability in Safemoon that allows sandwich attacks. And the number of copies of this protocol is just endless
I use a couple of DeFi platforms on Cosmos, both high quality projects and I do trust them but it’s always a risk having funds anywhere other than a cold wallet.