THELOGICALINDIAN - Opyn accomplished a doublespend advance on its Ethereum put options consistent in the accident of at atomic 371000 in user funds
Opyn, a agreement alms options for ETH, DeFi tokens, as able-bodied as allowance on Compound deposits, was hacked. At atomic 371,260 USDC were absent because of the double-spend advance on its Ethereum put options.
Opyn Protocol Exploited
Only ETH put affairs were afflicted by the attack. The hacker acclimated an accomplishment in Opyn protocol’s options tokens (oTokens) to abduct accessory from users who awash these ETH puts.
Opyn responded to the accomplishment by removing the adeptness to buy agnate oTokens and clarification their own protocol’s acute arrangement to cash ETH puts, extenuative added accessory from exploitation. A absolute of 572,165 USDC was drained from the contract.
While aegis close OpenZeppelin audited the contracts, the accomplishment was alfresco of the audit’s scope, Opyn aggregation announced it would absolution added abstruse capacity on the accomplishment at a after date.
Response to the Hack
The aggregation reacted responsibly to the attack, promising abounding reimbursement for ETH put oTokens sellers who absent money in the hack. For purchasers of ETH put oTokens, the aggregation offered to buy the tokens with a 20% markup on Deribit to atone them for damages.
Opyn’s ambiguous options agreement “Convexity” is absolutely decentralized, the aggregation doesn’t ascendancy it and can’t shut it down, so there was a bound befalling to accord with the after-effects of the hack. The project’s archetype shows that smart-contract development should be advised as accouterments development: if you address a smartphone with a defect, there’s little you can do if things go wrong.
Crypto Briefing accomplished out to the Opyn aggregation and has yet to accept a animadversion on the incident.
Opyn is demography added measures to anticipate approaching exploits. In its latest report, the aggregation declared that it would analysis its centralized aegis and testing practices while accretion its bug compensation rewards. Moreover, it will conduct added audits besides those already appointed with Open Zeppelin. Finally, the affairs will go through Echidna, a affairs for testing smart-contracts created by the absolute analysis close Trail of Bits.
The drudge highlights the vulnerability of the DeFi space. Still, Opyn’s acknowledgment to the adventure is able and instills optimism about Opyn’s approaching admitting the abrogating appulse of the attack.
