Origin Dollar, Origin Protocol’s stable coin, was hacked for $ 7 million

Origin Dollar (OUSD), the stable token introduced by the Origin protocol in late September, was hacked for an amount of $ 7 million.

On November 17, Origin Protocol founder Matthew Liu announced that the stablecoin had been hacked $ 1 million of the $ 7 million in lost funds, including DAI and Ether, was deposited by Origin founders, employees and the company itself.

The team is currently unsure of how the exploit was carried out, but they have identified a quick loan transaction that appears to be “the root of the attack”.. The transaction cost nearly 0.54 ether.

“The team is responsible for identifying which vulnerability was exploited and how the hacker could access user funds. Expect an updated message in an hour. “

Origin Dollar, Origin Protocol’s stable coin, was hacked for $ 7 million
Origin Dollar, Origin Protocol’s stable coin, was hacked for $ 7 million

In response to the attack, OUSD deposits were disabled and traders were advised not to purchase the token:

”Please do not buy OUSD from Uniswap or Sushiswap as current prices do not reflect the underlying assets of OUSD. This is a quick process and our entire team has mobilized to tackle the crisis. “

Leu added that The team has no intention of “disappearing” and stresses that what happened is not an “internal fraud”..

According to CoinGecko OUSD is currently trading for less than $ 0.10 on Uniswap.

According to Nick Chong of venture capital firm Hex Capital The hacker is currently do the dishes stolen money using the Bitcoin RenBTC tokenization protocol.

Chong stated that too Origin Default is the fifth major flash credit attack to hit DeFi in the past three weeks, after the attacks on Harvest, Akropolis, Value and CheeseBank.

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