Origin Protocol co-founder Matthew Liu on Monday evening confirmed an assault on the Origin Greenback (OUSD) vault.
“The workforce is all-hands on deck making an attempt to determine what vulnerability was exploited and the way the hacker was in a position to entry customers’ deposits,” he wrote.
Although the precise exploit—some type of flash assault—is not but recognized, the Origin workforce estimated $7 million—a mix of ETH and DAI stablecoin—had been taken.
Liu indicated he wasn’t but sure whether or not the funds—over $1 million of which he mentioned got here from Origin workers and founder—might be recovered.
To quell rumors, Liu mentioned, “This isn’t a rug pull or inner rip-off. Regardless of this setback, it is rather a lot in our intention to make OUSD a protected, safe, and profitable product that builds on the broader Origin mission of peer-to-peer commerce.”
Origin is a blockchain-based e-commerce platform. It launched the OUSD stablecoin on the finish of September; it is backed not by fiat however by different stablecoins, together with DAI.
On account of the hack, the stablecoin—meant to be equal to $1.00—dropped to $0.54.
The assault could additional undermine confidence within the safety of decentralized finance protocols, lots of them constructed on Ethereum. Within the final month, Harvest Finance, Akropolis, and Value DeFi have all been attacked by way of flash mortgage vulnerabilities which have led to over $40 million in losses.