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. Peckshield, a blockchain security and analytics company, reported that hackers took nearly $300K worth of OHM tokens..
Hacker Exploits Smart Contract’s ‘BondFixedExpiryTeller’ Parameter, $292,000 in OHM Tokens Stolen
The rebase token market has fallen in value after rising to incredible values by the 2021 end. This was following a multitude of issues and controversies. Mid-January 2022 the market value for the largest rebase tokens had reached $4.99 billion. The current market value of the rebase economy has fallen to $524million, or 89.49%.
Olympus, the most valuable rebase to token project according to market valuation, was the victim of a hack which saw approximately $292K in OHM coins stolen. Peckshield, the blockchain security firm 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()A function that doesn’t properly validate an input resulted in [a] ~$292K loss,” Peckshield detailedFriday. Supremacy Inc. is a Web3 security auditor and blockchain security audit. 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.
OHM token (OHM), which is currently trading at just $10 per unit, is now down around 1.2% after the hack. OHM fell 3.3% in seven days and has dropped 99% year to date against the U.S. Dollar. At $9.04 an unit, OHM hit its lowest ever value on September 19, 2022. The price today is approximately 9.3% more than that all-time low.
Olympus DAO will open at the end September 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.
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