THELOGICALINDIAN - The OUSD stablecoin issuer Origin Agreement is the latest Defi agreement to abatement victim to a beam accommodation advance The advance which occurred in the aboriginal hours of Tuesday on November 17 resulted in the dematerialization of tokens account millions of dollars Confirming the advance one of the projects leaders say they are now alive with exchanges in adjustment to analyze the antagonist as able-bodied as to benumb the tokens afore they are liquidated
Funds Located
The Origin Protocol advance follows a agnate adventure at Value Defi on November 14 area the abyss stole $6 actor account of tokens. Explaining the advance in a blog post, Origin Protocol Co-founder Matthew Liu insists the baseborn funds accept been traced to a wallet, which the aggregation is monitoring.
He additionally reveals that the antagonist “used both Tornado Cash and Renbtc to ablution and move funds.” According to Liu, there is “still 7,137 ETH and 2.249M DAI sitting in one of the attacker’s wallets.”
Although the Origin Protocol aggregation says it has fabricated advance compassionate the advance and tracking the breeze of funds, it still warns:
Following the attack, the amount of the OUSD stablecoin plunged and traded at $0.15 per badge on November 17. Before the amount collapse, the stablecoin had consistently been trading at par with the USD.
Reentrancy Bug
Meanwhile, Liu goes on to accord capacity of how the attackers were able to cull this off, alike as the Origin Protocol aggregation anticipation the arrangement was safe. According to Liu, the “attack was a reentrancy bug in our contract.” He admits that their arrangement is alone safe from such bugs “unless one of our accurate stablecoins was advancing us.”
After active the attack, the abyss again “withdrew best of the stablecoins from OUSD.”
Liu’s account adds:
The Origin Protocol aggregation says it will conduct a “thorough transaction by transaction assay will be forthcoming.” The aggregation is additionally argumentation with the attacker(s) to acknowledgment the baseborn funds afterwards demonstrating their “superior abilities as hackers.”
What are your thoughts on this latest beam accommodation attack? Share your angle in the comments area below.
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