Olympus DAO Hacked for 30,000 OHM Worth $300,000, Perpetrator Returns Funds Within Hours

Hackers who abused the Olympus DAO (OHM) smart contract to obtain $300,000 worth of assets have already returned the stolen funds.

According to the blockchain security analytics firm pec shieldthere was an error in one of Olympus DAO’s smart contract bonds, resulting in an exploit of $292,000 early today.

“The related OlympusDAO BondFixedExpiryTeller contract appears to contain a redeem() function that does not properly validate inputs, resulting in losses of up to $292,000.”

Ethereum (ETH) Blockchain Explorer Etherscan Confirmed exploit.

Olympus DAO Community Addressed Their Hack discord server this morning.

“Dear Community,

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An exploit occurred this morning that allowed the attackers to withdraw approximately 30,000 OHM ($300,000) from Bond Protocol’s OHM bond contracts. This bug was not found by our three auditors, by our internal code review, or by being reported through the Immunefi bug bounty. The staged rollout only put a limited amount of money at risk, so the total amount exploited is lower than the bug bounty the attackers could have claimed through her Immunefi.

We have closed the affected markets and all other funds are safe. We are fully compensating all affected bonders and are exploring ways to do this in the best possible way, either through contracts or airdrops.

Additionally, after a thorough investigation, the Council and the development team will report back on how this happened and how to prevent it in the future. We aim to present this to the community at our next community call on November 4th.

In the meantime, we encourage anyone to log a potential bug through the Immunefi platform.

Since then, spokesperson Olympus DAO says the stolen funds are now being returned.Data from Etherscan Confirm return transaction.

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