Olympus DAO Hacked for 30,000 OHM Worth $300,000, Perpetrator Returns Funds Within Hours

The hacker who exploited an Olympus DAO (OHM) sensible contract for $300,000 value of belongings is already returning the stolen funds.

In response to blockchain safety analytics agency PeckShield, an error in one in all Olympus DAO’s sensible contract bonds resulted in a $292,000 exploit earlier in the present day.

“It appears the associated OlympusDAO’s BondFixedExpiryTeller contract has a redeem() perform that doesn’t correctly validate the enter, leading to ~$292,000 loss.”

Supply: peckshield/Twitter

The Ethereum (ETH) blockchain explorer Etherscan confirmed the exploit.

The Olympus DAO group addressed the hack on their Discord server this morning.

“Expensive group, 

This morning, an exploit occurred by which the attacker was capable of withdraw roughly 30,000 OHM ($300,000) from the OHM bond contract at Bond Protocol. This bug was not discovered by three auditors, nor by our inside code evaluate, nor reported through our Immunefi bug bounty. Our phased rollout put solely a restricted quantity of funds in danger and in consequence, the entire quantity exploited is decrease than the bug bounty the attacker would have been capable of declare by Immunefi. 

We’ve closed the affected markets and all different funds are secure. We’ll compensate all affected bonders in full and are exploring how to do that in one of the best ways potential, both by a contract or airdrop. As quickly as we’ve this finalized we are going to talk through Discord. 

Moreover, we are going to do an intensive investigation and the council, along with our growth group will include a report of how this occurred and the way we are going to stop this sooner or later. We goal to current this to the group throughout our subsequent group name, November 4th. 

Within the meantime, we encourage anybody to log any potential bugs by the Immunefi platform.”

Since then, a spokesperson for Olympus DAO has mentioned that the stolen funds at the moment are returned. Knowledge from Etherscan confirms the return transaction.

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