Indexed Finance ‘identifies’ attacker behind $16 million hack

The DeFi protocol was hacked connected Thursday, with the attacker allegedly stealing $16 million

Indexed Finance, a decentralised concern (DeFi) protocol that allows token holders to way marketplace indexes, has reportedly unmasked the hacker down past week's attack.

On Thursday, the DeFi protocol announced that it had suffered a flash indebtedness onslaught successful which the attacker made disconnected with $16 million. After flooding the protocol with caller assets and impacting prices, the hacker allegedly minted caller tokens worthy millions.

In an update fixed aft the attack, the Indexed squad said the hack "was a beauteous devastating one" and affected the DEFI5 and CC10 indices. The station mortem study besides gave the code that had been utilized to bargain the funds arsenic 0xba5ed1488be60ba2facc6b66c6d6f0befba22ebe.

Attacker unmasked

In the hours aft the attack, Indexed Finance asked the hacker to support 10% of the funds and instrumentality the rest. But aft this connection expired and aft an ultimatum to person 100% of the stolen funds returned passed, the squad revealed it had made links that identified the hacker.

"We person identified the Indexed attacker and recovered links to exchanges. We are present presenting an ultimatum," IndexedDAO subordinate Laurence Day said connected Saturday.

The squad went connected to uncover that though missed astatine first, investigations into the onslaught had shown the attacker utilized accounts astatine crypto exchanges FTX and Kraken to money their wallet. Both exchanges necessitate users to implicit cognize your lawsuit checks; thing that Indexed Finance was capable to excavation into to unmask the look down the $16 cardinal heist.

"In the minutes earlier the deadline elapsed, @ZetaZeroes made changes to his accounts that person made america realise astatine the past infinitesimal that the attacker is importantly younger than we thought," the protocol wrote.

While the individuality of the hacker has been ascertained, Indexed Finance has enactment a "hold" connected releasing further details arsenic an interior treatment goes connected astir however champion to proceed fixed the property of the hacker.

It is not wide what Indexed Finance plans to do, including whether they'll beryllium seeking assistance from instrumentality enforcement.

In the market, the NDX token continues to look downward unit having tanked 7% successful the past 24 hours. As of writing, the token was trading astir $2.94 against the US dollar.