Origin Dollar has been hacked for about 7 million dollars
By Inkarias - 2020-11-17
In the growing world of cryptocurrencies, the DeFi solutions that have emerged on the market have brought both great technological innovation for investors and the community but also a number of problems. Yield farming or loan methods such as flash loans for example, are not exempt from being the target of attacks aimed at draining or stealing the entire funds. In recent weeks, the number of successful attempts has increased dramatically, putting some projects at risk from a long-term financial point of view. On Monday morning, another attack took place on the Origin Dollar project, a blockchain-based e-commerce platform which lost an amount equivalent to a total of 7 million dollars.
Origin Dollars' $OUSD got exploited for $5.5M in ETH, around 11,800 ETH AND $2.2M in DAI— Krisma (@KRMA_0) November 17, 2020
Share, stay vigilant pic.twitter.com/xHIdP1Md63
Details of the attack
The attacker or group specifically targeted the Origin Dollar/OUSD vault. As the co-founder Matthew Liu shared:
The team is all-hands on deck attempting to figure out what vulnerability was exploited and how the hacker was able to access users’ deposits
In short, this action was performed under a flash action, stealing a mix of ETH & DAI for a total of 7 million. After introducing the OUSD stable coin in late September, the theft did hit the market confidence which has seen the value of the coin drop drastically.
However, in order to help minimizing this incident, the team has announced that 1 million out of the 7 could be recovered. This announcement has thus not helped the market to slowly recover and the value is now sitting around 0,15 dollars after a 85% drop. After the rumors of a possible rugpull that surrounded the project and seeing the recent rug pulls that occurred within the entire crypto sphere recently, it is therefore even more important to do deep research before taking any investment decision.
More information at https://www.ousd.com