On The Same Day, A Hacker Steals $300,000 From Olympus DAO And Returns It

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Last Updated on October 22, 2022 by Bitfinsider

This morning, a hacker stole 30,000 OHM tokens, worth around $300,000, from OlympusDAO, the latest victim of a cryptocurrency cyberattack. Hours later, however, the attacker either had a change of heart or was a white-hat hacker the entire time, since they returned the assets to the DAO.

Early Friday morning, community members were initially notified of the vulnerability via Discord.

Olympus stated that a staggered rollout left a “limited quantity of cash at risk,” and the amount taken was a fraction of the maximum $3.3 million prize the attacker could have claimed for reporting the exploit on the bug-hunting website Immunefi.

“This morning, an exploit occurred through which the attacker was able to withdraw roughly 30K OHM ($300K) from the OHM bond contract at Bond Protocol,” the post stated. “This bug was not found by three auditors, nor by our internal code review, nor reported via our Immunefi bug bounty.”

It further added: “We have closed the affected markets and all other funds are safe.” The DAO team stated in the statement that it was looking into the best way to completely recompense all impacted bonders.

A few hours later, OlympusDAO informed the community of better news: the attacker had returned all of the tokens.

“Funds have been returned to the DAO wallet,” as updated in a post. “We will communicate on the OHM bond payment and plan moving forward in the coming hours.”

OlympusDAO, a decentralized reserve currency platform based on the OHM token, was introduced in May 2021. The Olympus Treasury’s holdings of a variety of assets, including DAI and FRAX, serve as the backing for OHM tokens.

In order to stop the loss of DAO funds, Olympus has announced a potential $3.3 million prize targeted at Olympus smart contracts and applications since January 2022.

Peckshield, a blockchain security company, claims that the assault specifically targeted a vulnerability in the BondFixedExpiryTeller smart contract. The software that drives autonomous, decentralized apps is provided by smart contracts.


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