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- Olympus DAO which is a decentralized reserve currency protocol based on the OHM tokens become the target of the crypto cyberattackers
- Todays morning , an exploit occurred through which attackers were able to withdraw roughly 30k OHM ($300k)
- As per reports a specific bond was targeted by the attackers which is called as BondFixedExpiryTeller
This morning a very “strange”crypto cyperattack incident took place where a thief made off with 30,000 OHM tokens which were worth $30,000 but here come the shocking part when the theifs returned all the fund within an hour. This morning olympus DAO which is a decentralized reserve currency protocol that is based on the OHM tokens become the target of the crypto cyberattackers.
“This morning, an exploit occurred through which the attackers was able to withdraw roughly 30k OHM ($300K) from the OHM bond contract at Bond Protocol,” the post read.
Olympus said that “limited amount of funds at risk” and the amount stolen was a fraction of the potential $3.3 million bountry the attacker would have been able to claim on bug hunting website Immunefi for reporting the exploit.We have closed the affected market and all other funds are safe.” olympus added
DAO team in an announcement said that it was exploring the best way to fully compensate all the affected bonders. Just after an hour olympus announced the good news that all the tokens had been returned by the attackers.
OlympusDAO is building OHM , a community-owned decentralized and censorship-resistant reserve currency. It was launched in Maay 2021 and was created by an anonymous developer named zeus to address the cryptocurrency market over-reliance in flat-backed stablecoin.
According to the spokeperson of olympusDAO the funds that were stolen were returned by the thiefs in two transactions on the Ethereum blockchain. The original theft saw the attacker drain 30,437 OHM valued at nearly $300,000 from olympusDAO’s smart contracts.
According to the reports a specific bond was targeted by the attackers called as BondFixedExipiryTeller . and according to Pecksheild, one of the contracts function did not properly validate inputs, allowing the attackers to input false values and transfers funds.
Olympus DAO’s OHM tokens is currently valued at $9.94 and seems like todays attack will not be affect the platform much.
Not only Olympus DAO many decentralized platforms have been targeted by the crypto cyberattackers which includes several big platforms such as Mango Market, TempleDAO, BNB chain and the Moola Market. And if the reports are to believed atleast $718 million has been stolen this month says the data of chainalysis data
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
