Skip to main content

Hacker Siphons Close to $300K in OHM Tokens From the Olympus DAO

Hacker Siphons Close to $300K in OHM Tokens From the Olympus DAO

On Friday, October 21, a malicious entity siphoned 30,437 OHM tokens from the Olympus DAO after finding a loophole in the rebase project’s smart contract. Following the exploit, the blockchain security and data analytics company, Peckshield, detailed the hackers stole close to $300K in OHM tokens.

Hacker Exploits Smart Contract’s ‘BondFixedExpiryTeller’ Parameter, $292,000 in OHM Tokens Stolen

After rising to colossal values at the end of 2021, the rebase token economy has collapsed in value, after a myriad of controversies and issues. In mid-January 2022, the top rebase tokens by market capitalization had a market valuation of around $4.99 billion and today, the rebase token economy is down 89.49% to $524 million.

On October 21, the top rebase token project by market valuation, Olympus, suffered from a hack that saw roughly $292K in OHM tokens stolen. On Friday, blockchain security firm Peckshield detailed that the hacker found a loophole via the project’s smart contract “BondFixedExpiryTeller” parameter.

“It seems the related Olympus DAO’s BondFixedExpiryTeller contract has a redeem() function that does not properly validate the input, resulting in [a] ~$292K loss,” Peckshield detailed on Friday. The Web3 and blockchain security auditor Supremacy Inc. confirmed that the attacker leveraged an “arbitrary external call vulnerability” to siphon the 30,437 OHM tokens from the DAO.

The developers behind the Olympus rebase token project validated the $300K loss reports via the project’s Discord channel. “This morning, an exploit occurred through which the attacker was able to withdraw roughly 30K OHM ($300K) from the OHM bond contract,” the Olympus DAO devs told the members of the Discord channel.

The olympus (OHM) token is down roughly 1.2% following the hack, and is trading for just under $10 per unit. Seven-day stats show OHM is down 3.3% and year-to-date, OHM has lost 99% in value against the U.S. dollar. The token tapped a lifetime low on September 19, 2022, at $9.04 per unit and today, the price is roughly 9.3% higher than the all-time low.

At the end of September, Olympus DAO explained in a thread how the project would do away with its high annual percentage yield (APY), which was leveraged to bootstrap the protocol and initialize OHM’s tokenomics.

What do you think about the Olympus DAO hack? Let us know your thoughts about this subject in the comments section below.



from Bitcoin News https://ift.tt/Fj6fcot
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more