Yield-generating stablecoin undertaking Origin Greenback exploited for $7M

Origin Greenback (OUSD), the yield-generating secure token launched by Origin Protocol in late September, has been hacked to the tune of $7 million.

On Nov. 17, Origin Protocol founder Matthew Liu announced the stablecoin had been hacked, noting that $1 million of the $7 million in misplaced funds, which included Dai and Ether (ETH), had been deposited by Origin’s founders, staff and the corporate itself.

The group at present doesn’t know the precise nature of how the exploit was carried out, nonetheless they famous a flash-loan transaction that appears to be “the basis of the assault.” The transaction price almost 0.54 Ether to finish.

“The group is all-hands on deck trying to determine what vulnerability was exploited and the way the hacker was capable of entry customers’ deposits. Count on an up to date put up inside an hour.”

In response to the assault, deposits to the OUSD vault have been disabled, and merchants have been suggested to not buy the token:

”Please don’t purchase OUSD on Uniswap or Sushiswap as the present costs don’t replicate OUSD’s underlying property. This can be a shortly shifting course of, and our complete group has been mobilized to deal with the disaster.”

Leu added that the group has no intention of “going away,” emphasizing that the occasions don’t comprise “a rug pull or inner rip-off.”

In keeping with CoinGecko, OUSD is at present trading for lower than $0.10 on Uniswap.

In keeping with crypto enterprise agency Hex Capital’s Nick Chong, the hacker is at present washing the stolen funds utilizing Bitcoin tokenization protocol RenBTC.

Chong additionally famous Origin’s breach is the fifth main flash-loan assault to hit DeFi previously three weeks, following assaults focusing on Harvest, Akropolis, Value and CheeseBank.

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