Inverse Finance loses $15.6 million to hack

The hack took place on Friday, and the attackers gained access to the company's hot wallet, which contained a portion of the funds held by Inverse Finance.

Dean Fankhauser5 min read
Inverse Finance loses $15.6 million to hack

The Lending Protocol Inverse Finance has lost $15.6 million in crypto following a hack, the company announced on Saturday.

Inverse Finance is a lending protocol built on the Ethereum blockchain that allows users to borrow and lend cryptocurrencies.

The hack took place on Friday, and the attackers gained access to the company's hot wallet, which contained a portion of the funds held by Inverse Finance.

In response to the attack, Inverse Finance has taken its platform offline and is working with security experts to investigate the incident.

"We are working tirelessly to determine exactly how this happened and to make sure it doesn't happen again," the company said in a statement. "We know that this is a difficult time for our community, and we are committed to doing everything we can to make things right."

Inverse Finance is the latest in a string of crypto companies to be hit by hackers.

In July, Binance, one of the world's largest cryptocurrency exchanges, was hacked and lost 7,000 Bitcoin, worth over $40 million at the time.

Earlier this month, KuCoin, another major crypto exchange, was also hacked, losing $280 million in crypto.

Hacks are becoming increasingly common in the cryptocurrency space, as hackers target exchanges and other companies that hold large amounts of digital assets.

As the value of cryptocurrencies has risen, so has the incentive for hackers to target these companies.

To protect themselves from hacks, companies need to have strong security measures in place, including multi-factor authentication and cold storage for their crypto holdings.

Despite the increasing frequency of hacks, the cryptocurrency industry is still in its early stages and is growing rapidly.

As the industry matures, it is likely that we will see more hacks, but also more innovation in security measures.

Keep updated on the latest security news in crypto and more through our blog.

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