DeFi Lender Inverse Finance Exploited for $15M⚠️
Hashing Bits | Week-14
Events Under the Spotlight
Starstream’s liquidity drained
Starstream, a yield optimizer on Ethereum layer-2 scaling solutions’ liquidity, was drained.
$STARSwere used as collateral to borrow assets on Agora DeFi, lending, borrowing, and swapping market.The Agora DeFi team released an incident postmortem.
HospoWise hack
HospoWise, a project bringing hospitality to the blockchain, was hacked due to the public
burn()function.The hacker created a contract that interacted with the Hospo contract, swapped ETH for tokens, burned the tokens from the pair, synced the pair to raise the tokens' price artificially, and sold the overpriced tokens earning profit.
Inverse Finance exploit - Over $15 million stolen
Inverse Finance, a decentralized bank, experienced an oracle manipulation attack.
The attack was on SushiSwap, which resulted in a sharp rise in the price of INV, which subsequently enabled the attacker to borrow $15.6 million in $DOLA, $ETH, $WBTC, & $YFI.
The team later laid down incident response plans.
The attack was made possible due to an oracle bug that allowed the INV (with a highly manipulated price) to be used as collateral.
Phantasma admin key leak
Phantasma, a cross-chain layer-1 blockchain for smart NFTs, suffered an admin key leak incident, where an attacker minted additional KCAL and SOUL tokens on BSC.
SOUL and KCAL smart contracts on Binance Smart Chain were affected.
500k SOUL had been swapped from Binance Smart Chain to Ethereum and 20M KCAL.
The SOUL tokens have already been sold.
The attack resulted in a significant price plunge, $SOUL -75% and $KCAL -99%.
To the Numerophiles out there 🔢
Warner Bros and DC are betting on Batman NFTs to deliver a $60 million profit.
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