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”.
https://community.intercoin.org/t/massive-hacks-of-crypto-bridges/
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.