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Inverse Finance

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Summary

Inverse Finance is an Ethereum-based DeFi protocol known for its DOLA stablecoin and FiRM fixed-rate lending market, founded in late 2020 by Nour Haridy. The protocol suffered two oracle price manipulation exploits within two months in 2022 — the first in April for approximately $15.6 million and the second in June for a protocol loss of approximately $5.8 million — collectively representing one of the most significant serial oracle attack sequences in DeFi history. The protocol has since deprecated the vulnerable Anchor and Frontier lending markets, rebuilt on FiRM with Chainlink oracles, and undertaken a multi-year bad-debt repayment program.

Connected Entities

1 entities
Protocols
⌂Inverse Finance
Relationships
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    Timeline(10 events)

    December 2020

    Inverse Finance founded by Nour Haridy; initial products include the Anchor money market and DOLA stablecoin.

    March 2021

    INV token reaches an all-time high of approximately $2,075.

    2 April 2022

    First oracle manipulation exploit: attacker manipulates Keep3r TWAP oracle for INV/ETH on SushiSwap, borrows $15.6M in ETH, WBTC, YFI, and DOLA. Borrowing on Anchor immediately paused.

    3 April 2022

    Inverse Finance DAO proposes 100% repayment to affected wallets; announces migration to Chainlink oracle for INV pricing.

    16 June 2022

    Second oracle manipulation exploit: attacker uses 27,000 wBTC flash loan to inflate yvcrv3crypto LP token price on Frontier platform, causing $5.8M protocol loss with $1.2-1.3M directly stolen. Attacker deposits ~1,000 ETH to Tornado Cash.

    17 June 2022

    Inverse Finance pauses all Frontier borrowing, hires RiskDAO, issues public bounty appeal to attacker.

    October 2022

    Inverse Finance FiRM contracts audited via Code4rena competitive audit (code-423n4/2022-10-inverse).

    16 December 2022

    FiRM (Fixed Rate Market) protocol launches on Ethereum mainnet with Chainlink oracles and Personal Collateral Escrow architecture.

    13 March 2023

    Euler Finance exploited for ~$197M; Inverse Finance's exposure to Euler contributes additional bad debt to the protocol's balance sheet.

    28 July 2025

    Inverse Finance raises $2.6M by selling 104,000 INV tokens to strategic DeFi investors at 25 DOLA each to accelerate bad-debt repayment, reducing remaining obligations to approximately $3.4M.

    Provenance & Audit Trail
    Anchored on SolanaVerify on-chain

    Decision Log

    This investigation is cryptographically anchored to the Solana blockchain (1 event). 0 of 19 cited source URLs have an Internet Archive snapshot.

    full audit log →version history →

    model: claude-sonnet-4-6

    generated: 5/30/2026, 6:32:52 PM

    last updated: 8/29/2026, 1:34:06 AM

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