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Hacker Siphons Near $300Okay in OHM Tokens From the Olympus DAO – Bitcoin Information

On Friday, October 21, a malicious entity siphoned 30,437 OHM tokens from the Olympus DAO after discovering a loophole within the rebase mission’s good contract. Following the exploit, the blockchain safety and knowledge analytics firm, Peckshield, detailed the hackers stole near $300Okay 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 at the moment, the rebase token economic system is down 89.49% to $524 million.

On October 21, the highest rebase token mission by market valuation, Olympus, suffered from a hack that noticed roughly $292Okay in OHM tokens stolen. On Friday, blockchain safety agency Peckshield detailed that the hacker discovered a loophole through the mission’s good contract “BondFixedExpiryTeller” parameter.

Hacker Siphons Close to $300K in OHM Tokens From the Olympus DAO
Screenshot of the exploit within the good contract in accordance with the blockchain and good contract safety agency Peckshield.

“It appears the associated Olympus DAO’s BondFixedExpiryTeller contract has a redeem() operate that doesn’t correctly validate the enter, leading to [a] ~$292Okay loss,” Peckshield detailed on Friday. The Web3 and blockchain safety auditor Supremacy Inc. confirmed that the attacker leveraged an “arbitrary exterior name vulnerability” to siphon the 30,437 OHM tokens from the DAO.

The builders behind the Olympus rebase token mission validated the $300Okay loss stories through the mission’s Discord channel. “This morning, an exploit occurred by which the attacker was capable of withdraw roughly 30Okay OHM ($300Okay) 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 towards the U.S. greenback. The token tapped a lifetime low on September 19, 2022, at $9.04 per unit and at the moment, 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 mission would put off its excessive annual share yield (APY), which was leveraged to bootstrap the protocol and initialize OHM’s tokenomics.

Tags on this story
89% down, 99% down YTD, crypto assets, defi hacks, Exploit, Hacker, Hacker $300K, Hacks, Markets, OHM, Olympus, Olympus DAO, rebase economy, rebase tokens, Smart Contract, top rebase coins

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Jamie Redman

Jamie Redman is the Information Lead at Information and a monetary tech journalist residing in Florida. Redman has been an energetic member of the cryptocurrency neighborhood since 2011. He has a ardour for Bitcoin, open-source code, and decentralized functions. Since September 2015, Redman has written greater than 6,000 articles for Information in regards to the disruptive protocols rising at the moment.

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