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 aft uncovering a loophole successful the rebase project’s astute contract. Following the exploit, the blockchain information and information analytics company, Peckshield, elaborate the hackers stole adjacent to $300K successful OHM tokens.

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

After rising to colossal values astatine the extremity of 2021, the rebase token economy has collapsed successful value, aft a myriad of controversies and issues. In mid-January 2022, the apical rebase tokens by marketplace capitalization had a marketplace valuation of astir $4.99 billion and today, the rebase token system is down 89.49% to $524 million.

On October 21, the apical rebase token task by marketplace valuation, Olympus, suffered from a hack that saw astir $292K successful OHM tokens stolen. On Friday, blockchain information steadfast Peckshield elaborate that the hacker recovered a loophole via the project’s astute declaration “BondFixedExpiryTeller” parameter.

Screenshot of the exploit successful the astute declaration according to the blockchain and astute declaration information steadfast Peckshield.

“It seems the related Olympus DAO’s BondFixedExpiryTeller declaration has a redeem() relation that does not decently validate the input, resulting successful [a] ~$292K loss,” Peckshield detailed connected Friday. The Web3 and blockchain information auditor Supremacy Inc. confirmed that the attacker leveraged an “arbitrary outer telephone vulnerability” to siphon the 30,437 OHM tokens from the DAO.

The developers down the Olympus rebase token task validated the $300K nonaccomplishment reports via the project’s Discord channel. “This morning, an exploit occurred done which the attacker was capable to retreat astir 30K OHM ($300K) from the OHM enslaved contract,” the Olympus DAO devs told the members of the Discord channel.

The olympus (OHM) token is down astir 1.2% pursuing the hack, and is trading for conscionable nether $10 per unit. Seven-day stats amusement OHM is down 3.3% and year-to-date, OHM has mislaid 99% successful worth against the U.S. dollar. The token tapped a beingness debased connected September 19, 2022, astatine $9.04 per portion and today, the terms is astir 9.3% higher than the all-time low.

At the extremity of September, Olympus DAO explained successful a thread however the task would bash distant with its precocious yearly percent output (APY), which was leveraged to bootstrap the protocol and initialize OHM’s tokenomics.

What bash you deliberation astir the Olympus DAO hack? Let america cognize your thoughts astir this taxable successful the comments conception below.

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