A hacker hacked 30,437 from one of the smart contracts in the Bond Protocol operated by the Olympus DAO. OHM cryptocurrency (about $300,000). According to security firm PeckShield, the incident occurred because a contract failed to properly verify the hacker’s malicious fund transfer request.
Hacker Exploiting Vulnerability in Cryptocurrency Contract Returns All Stolen Funds
The affected contract, known as “BondFixedExpiryTeller”, was used to open bonds denominated in Olympus DAO’s OHM tokens.
PeckShield said the contract lacks a validation input in the “redeem() function,” which allows the attacker to manipulate the input values to use the funds.
On their official Discord account, the Olympus team acknowledged the attack and said:
“A vulnerability occurred this morning, where the attacker managed to withdraw approximately 30,000 OHM ($300,000) from the OHM bond contract in Bond Protocol.”
The team said the remainder of the $217 million invested in Olympus DAO is safe and plans to compensate users damaged by today’s event.
However, as a recent development, the Olympus DAO team said that the hacker returned all the stolen tokens after the bargaining agreement.
Olympus DAO, OHM your altcoin It is a DeFi protocol with a treasure trove of support. It offers cryptocurrency bonds denominated in OHM tokens. The DAO is offering investors discounted OHM tokens in exchange for cryptocurrencies, a process designed to increase its treasury over time.
Especially in 2022, the increase in hacking incidents in cryptocurrencies attracts the attention of regulatory agencies.
*Not investment advice.
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