Attack, contract bug, DAI, DeFi, Defi Attack, ETH, Matthew Liu, Origin dollar, Origin Protocol, OUSD, Stablecoin, Stablecoin plunge, Tornado cash

The OUSD stablecoin issuer, Origin Protocol is the latest Defi protocol to fall victim to a flash loan attack. The attack, which occurred in the early hours of Tuesday, on November 17, resulted in the disappearance of tokens worth millions of dollars. Confirming the attack, one of the project’s leaders say they are now working with exchanges in order to identify the attacker, as well as to freeze the tokens before they are liquidated.

Funds Located

The Origin Protocol attack follows a similar incident at Value Defi on November 14 where the criminals stole $6 million worth of tokens. Explaining the attack in a blog post, Origin Protocol Co-founder Matthew Liu insists the stolen funds have been traced to a wallet, which the team is monitoring.

He also reveals that the attacker “used both Tornado Cash and Renbtc to wash and move funds.†According to Liu, there is “still 7,137 ETH and 2.249M DAI sitting in one of the attacker’s wallets.â€

Although the Origin Protocol team says it has made progress understanding the attack and tracking the flow of funds, it still warns:

Following the attack, the value of the OUSD stablecoin plunged and traded at $0.15 per token on November 17. Before the price collapse, the stablecoin had consistently been trading at par with the USD.

Attack, contract bug, DAI, DeFi, Defi Attack, ETH, Matthew Liu, Origin dollar, Origin Protocol, OUSD, Stablecoin, Stablecoin plunge, Tornado cash

Reentrancy Bug

Meanwhile, Liu goes on to give details of how the attackers were able to pull this off, even as the Origin Protocol team thought the contract was safe. According to Liu, the “attack was a reentrancy bug in our contract.†He admits that their contract is only safe from such bugs “unless one of our supported stablecoins was attacking us.â€

After executing the attack, the criminals then “withdrew most of the stablecoins from OUSD.â€

Liu’s statement adds:

The Origin Protocol team says it will conduct a “thorough transaction by transaction analysis will be forthcoming.†The team is also pleading with the attacker(s) to return the stolen funds after demonstrating their “superior skills as hackers.â€

What are your thoughts on this latest flash loan attack? Share your views in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Du lịch nhật bản, hướng dẫn du lịch Nhật và đánh giá địa điểm Nhật Bản Japan travel news, japan travel guides, japan holiday destinations and japan reviews

RELATED NEWS

Mike Novogratz: Bitcoin Investors Waiting for a New Narrative Shift

Mike Novogratz declared institutional investors are waiting for the next narrative shift in a recent interview at the Bitcoin 2021 conference in Miami. The CEO of Galaxy Digital thinks the market is now in a consolidation phase after the price crash last month. Novogratz also commented on what the rise of defi could mean for […]

Xem chi tiết: Mike Novogratz: Bitcoin Investors Waiting for a New Narrative Shift

Amazon Job Listing Seeks Blockchain Lead – Internet Giant Looks to Create ‘Business Use Cases Across Defi’

Amazon is looking for a blockchain expert, according to a job posting published on the company’s employment portal. The firm wants someone who is “passionate about blockchain and decentralized networks†and someone who can build innovative “business use cases†across decentralized finance (defi). Online Marketplace Amazon Hopes to Hire a Head of Product to Lead […]

Xem chi tiết: Amazon Job Listing Seeks Blockchain Lead – Internet Giant Looks to Create ‘Business Use Cases Across Defi’

Scammers Pick Bank Transfers Over Cryptocurrency, Australian Report Reveals

Investment scams have been by far the most common type in Australia recently, a new report by the country’s consumer watchdog has revealed. And while a growing number of Australians fall victim to fraudulent schemes involving cryptocurrency, bank transfers remain the scammers’ favorite way to extract money. Australians Lose $670 Million to Scammers in a […]

Xem chi tiết: Scammers Pick Bank Transfers Over Cryptocurrency, Australian Report Reveals

As Crypto Interest Winds Down Bitcoin’s Daily Transaction Rate Plummets to Two-Year Lows

Onchain data indicates that bitcoin transactions per day have plummeted to lows not seen since October 2018. Further, bitcoin transaction fees have dropped 93% after touching a high of $62 per transaction in April 2021. Bitcoin Daily Transaction Rate Dips by 35%, Google Trends Data Shows Interest Has Dropped Since May While bitcoin (BTC) prices […]

Xem chi tiết: As Crypto Interest Winds Down Bitcoin’s Daily Transaction Rate Plummets to Two-Year Lows

Two-Fifths of Australian Millennials Prefer Crypto Investments Over Real Estate

A report published by the cryptocurrency exchange Kraken shows that two-fifths of Australian millennials prefer to invest in cryptocurrency assets over real estate. The survey shows that a number of Australians are losing faith in traditional assets like gold, stocks, and real estate. Kraken’s Australia Managing Director: ‘Young Aussies Look for Other Options to Grow […]

Xem chi tiết: Two-Fifths of Australian Millennials Prefer Crypto Investments Over Real Estate

Floyd Mayweather Gets Booed at Bitcoin Event for Saying ‘Another Crypto Will Be Just as Big as BTC’

The undefeated professional boxer Floyd ‘Money’ Mayweather recently spoke at the Bitcoin 2021 conference in Miami and was booed while speaking on stage. Mayweather’s speech wasn’t appreciated by members of the crowd because he didn’t discuss bitcoin much and toward the end, Mayweather said he believes another crypto will be “just as large as bitcoin […]

Xem chi tiết: Floyd Mayweather Gets Booed at Bitcoin Event for Saying ‘Another Crypto Will Be Just as Big as BTC’

Data Shows BSC Dapps Lost $167 Million Last Month From Flash Loan Attacks

Binance Smart Chain (BSC) decentralized applications (dapps) have been hit with a number of flash loan attacks in recent weeks. According to collected data by Rekt, during the last 30 days BSC has lost a total of $167 million from these flash loan exploits. Flash Loan Hackers Prey on Binance Smart Chain Dapps – $167 […]

Xem chi tiết: Data Shows BSC Dapps Lost $167 Million Last Month From Flash Loan Attacks

Crypto Consolidation Continues — Bitcoin’s Attempt to Rise Above Psychological Levels Falls Short

Digital currency markets have slid in value over the last 12 hours as the entire crypto-economy has lost over 7% during the last 24 hours. Bitcoin attempted to cross the $40k handle but was stopped at $39,490. Since then, bitcoin has dipped 7.3% during the early morning (EST) trading sessions on Friday. Bitcoin $40K Attempt […]

Xem chi tiết: Crypto Consolidation Continues — Bitcoin’s Attempt to Rise Above Psychological Levels Falls Short

Data Shows BSC Dapps Lost $167 Million Last Month From Flash Loan Attacks

Defi Economy Is Recovering Faster Than Most Crypto Assets After Market Rout

Bitcoin.com Wallet Adds ETH

Home Crypto Mining Spikes in Brazil Amid Record High Unemployment

Notorious ‘Tiger King’ Joe Exotic Launches ETH-Based Token to Help Legal Fund

Home Crypto Mining Spikes in Brazil Amid Record High Unemployment

US Convenience Store Chain Sheetz to Accept Cryptocurrencies for Payments

Notorious ‘Tiger King’ Joe Exotic Launches ETH-Based Token to Help Legal Fund

Other Articles