Origin Greenback (OUSD), the yield-generating secure token launched by Origin Protocol in late-September, has been hacked to the tune of $7 million.
On Nov. 17, Origin Protocol founder Matthew Liu introduced the stablecoin had been hacked, noting that $1 million of the $7 million in misplaced funds together with DAI and Ether had been deposited by Origin’s founders, workers, and the corporate itself.
The workforce at the moment doesn’t know the precise nature of how the exploit was carried out, nevertheless they famous a flash-loan transaction that seems to be “the foundation of the assault.” The transaction price practically 0.54 Ether to finish.
“The workforce is all-hands on deck making an attempt to determine what vulnerability was exploited and the way the hacker was capable of entry customers’ deposits. Anticipate an up to date submit inside an hour.”
In response to the assault, deposits to the OUSD vault have been disabled, and merchants have been suggested to not buy the token:
”Please don’t purchase OUSD on Uniswap or Sushiswap as the present costs don’t mirror OUSD’s underlying belongings. This can be a rapidly transferring course of, and our complete workforce has been mobilized to deal with the disaster.”
Leu added that the workforce has no intention of “going away,” emphasizing that the occasions don’t comprise “a rug pull or inner rip-off.”
Based on CoinGecko, OUSD is at the moment buying and selling for lower than $0.10 on Uniswap.
Based on crypto enterprise agency Hex Capital’s Nick Chong, the hacker is at the moment washing the stolen funds utilizing Bitcoin tokenization protocol RenBTC.
Chong additionally famous Origin’s breach is the fifth main flash mortgage assault to hit DeFi previously three weeks, following assaults focusing on Harvest, Akropolis, Worth, and CheeseBank.