Hackers Steal $371,000 from DeFi Project Opyn
Main page News, Hacker Attack, DeFi
Hot topic
5 August
248 248

Some hackers have managed to steal about $371,000 from the users of the DeFi project Opyn by exploiting a vulnerability in the oTokens, the project's internal token.

The developers of the protocol have reported the existence of a vulnerability that has allowed hackers to steal ETH Put contracts. Opyn representatives assure the rest of contracts have not been affected by the vulnerability.

The hackers have exploited a vulnerability that has allowed them to steal collaterals provided by certain sellers. While at least 371,260 USDCs have been stolen, the figure could change as investigations progress. A white hat hacker has successfully withdrew 439,170 USDCs from the active vaults in order to prevent further losses. The developers have said:

"Because Opyn is a permissionless and decentralized protocol, we do not have the ability to shut off access to our contracts as many other protocols do."

Opyn claims it will compensate the affected users and has encouraged buyers of put options to redeem their contracts at 20% above the market price on Deribit.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

Read also:
Please describe the error
Close