On Friday, October 21, a malicious entity siphoned 30,437 OHM tokens from the Olympus DAO after discovering a loophole within the rebase venture’s sensible contract. Following the exploit, the blockchain safety and knowledge analytics firm, Peckshield, detailed the hackers stole near $300K in OHM tokens.
Hacker Exploits Good Contract’s ‘BondFixedExpiryTeller’ Parameter, $292,000 in OHM Tokens Stolen
After rising to colossal values on the finish of 2021, the rebase token economy has collapsed in worth, after a myriad of controversies and points. In mid-January 2022, the highest rebase tokens by market capitalization had a market valuation of round $4.99 billion and immediately, the rebase token financial system is down 89.49% to $524 million.
On October 21, the highest rebase token venture by market valuation, Olympus, suffered from a hack that noticed roughly $292K in OHM tokens stolen. On Friday, blockchain safety agency Peckshield detailed that the hacker discovered a loophole by way of the venture’s sensible contract “BondFixedExpiryTeller” parameter.
Screenshot of the exploit within the sensible contract in response to the blockchain and sensible contract safety agency Peckshield.
“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 safety auditor Supremacy Inc. confirmed that the attacker leveraged an “arbitrary external call vulnerability” to siphon the 30,437 OHM tokens from the DAO.
The builders behind the Olympus rebase token venture validated the $300K loss studies by way of the venture’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 instructed the members of the Discord channel.
The olympus (OHM) token is down roughly 1.2% following the hack, and is buying and selling for slightly below $10 per unit. Seven-day stats present OHM is down 3.3% and year-to-date, OHM has misplaced 99% in worth in opposition to the U.S. greenback. The token tapped a lifetime low on September 19, 2022, at $9.04 per unit and immediately, the value is roughly 9.3% greater than the all-time low.
On the finish of September, Olympus DAO explained in a thread how the venture would dispose of its excessive annual share yield (APY), which was leveraged to bootstrap the protocol and initialize OHM’s tokenomics.
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89% down, 99% down YTD, crypto property, defi hacks, Exploit, Hacker, Hacker $300K, Hacks, Markets, OHM, Olympus, Olympus DAO, rebase financial system, rebase tokens, Good Contract, prime rebase cash
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Jamie Redman
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