OlympusDAO, a decentralized reserve currency protocol created in May 2021, was the victim of a cyber attack that resulted in the theft of 30,000 OHM tokens worth around $300,000.
PeckShield, a blockchain security analytics startup, released some details on the hack, stating that the attacker exploited an issue in the protocol’s smart contract bonds.
The OlympusDAO BondFixedExpiryTeller contract, according to the firm’s analysis, “had a redeem method that does not correctly validate the input.”
The veracity of the cyber attack was validated by Etherscan, an Ethereum blockchain explorer, forcing protocol developers to handle the matter and notify their community through Discord early Saturday morning.
Just few hours after the cyber attack, OlympusDAO announced the news to its community. The protocol said,
“Funds have been returned to the DAO wallet. We will communicate on the OHM bond payment and plan moving forward in the coming hours.”
According to reports, the hacker agreed to return the stolen tokens to the project when an agreement was reached. OlympusDAO, however, did not reveal any specifics.
Meanwhile, two consecutive transactions on the Ethereum blockchain with time stamps 2:29 pm UTC and 2:30 pm UTC permitted the restitution of the plundered cash.
As a result of this development, some members of the project’s community are wondering whether the attacker merely changed his mind or was a white-hat hacker all along.
I'm a crypto, blockchain, and tech writer. I spend my time researching and writing about cryptocurrency, NFT, AI, and new technology.
Related posts
Bitwise CIO sees Bitcoin volatility halving as institutional investments surge
Turnkey Raises $15M Series A to Revolutionize the Crypto User Experience
