{"id":113505,"date":"2020-11-17T06:14:56","date_gmt":"2020-11-17T03:14:56","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/yield-generating-stablecoin-project-origin-dollar-exploited-for-7m\/"},"modified":"2020-11-17T06:14:56","modified_gmt":"2020-11-17T03:14:56","slug":"yield-generating-stablecoin-project-origin-dollar-exploited-for-7m","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/yield-generating-stablecoin-project-origin-dollar-exploited-for-7m\/","title":{"rendered":"# Yield-generating stablecoin project Origin Dollar exploited for $7M"},"content":{"rendered":"

“# Yield-generating stablecoin project Origin Dollar exploited for $7M <\/strong>”
\n<\/p>\n

Origin Dollar (OUSD), the yield-generating stable token launched by Origin Protocol in late-September, has been hacked to the tune of $7 million.<\/p>\n

On Nov. 17, Origin Protocol founder Matthew Liu announced<\/a> the stablecoin had been hacked, noting that $1 million of the $7 million in lost funds including DAI and Ether had been deposited by Origin\u2019s founders, employees, and the company itself.<\/p>\n

The team currently does not know the exact nature of how the exploit was carried out, however they noted a flash-loan transaction<\/a> that app<\/a>ears to be \u201cthe root of the attack.\u201d The transaction cost nearly 0.54 Ether to complete.<\/p>\n

\u201cThe team is all-hands on deck attempting to figure out what vulnerability was exploited and how the hacker was able to access users\u2019 deposits. Expect an updated post within an hour.\u201d<\/p><\/blockquote>\n

In response to the attack, deposits to the OUSD vault have been disabled, and traders have been advised not to purchase the token:<\/p>\n

\u201dPlease do not buy OUSD on Uniswap or Sushiswap as the current prices do not reflect OUSD\u2019s underlying assets. This is a quickly moving process, and our entire team has been mobilized to tackle the crisis.\u201d<\/p><\/blockquote>\n

Leu added that the team has no intention of \u201cgoing away,\u201d emphasizing that the events do not comprise \u201ca rug pull or internal scam.\u201d<\/p>\n

According to CoinGecko<\/a>, OUSD is currently trading for less than $0.10 on Uniswap.<\/p>\n

According to crypto venture firm Hex Capital\u2019s Nick Chong, the hacker is currently washing<\/a> the stolen funds using Bitcoin tokenization protocol RenBTC.<\/p>\n

Chong also noted Origin\u2019s breach is the fifth major flash loan attack to hit DeFi in the past three weeks, following attacks targeting Harvest, Akropolis, Value, and CheeseBank.<\/p>\n<\/div>\n