An error in Olympus Dao smart contract bonds led to the hacking of the project. According to reports, Olympus DAO Hacker He has returned the entire stolen $300,000.
Olympus DAO Hacker who had managed to steal an amount equivalent to 300 thousand dollars from this smart contract, returned the stolen funds in full.
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Refunds by Olympus DAO hacker
According to PeckShield, a blockchain security analytics firm, an error in one of the Olympus DAO Smart Contract Bonds It led to the misuse of 292 thousand dollars.
It seems that the BondFixedExpiryTeller contract associated with Olympus has a (redeem) function. This function does not validate inputs correctly. Many experts stated that the root cause of the Olympus DAO smart contract hack was a problem with the bond expiration date contract.
Etherscan, an Ethereum (ETH) blockchain explorer, confirmed the exploit. The Olympus DAO smart contract community published the news about the hacking of the project on the Olympus Discord server this morning. Olympus DAO Hacker He was able to withdraw $300,000 through OHM bonds. This bug was not found by the project auditors. The bug bounty service Immunefi also did not publish a report in this regard. The phased rollout of the smart contract will only put a limited amount of users’ funds at risk.
Olympus DAO compensation via airdrop
The total exploited amount of the contract is less than the bug bounty. The Olympus DAO hacker could have easily received a higher amount legally through Immunefi’s service. According to Olympus DAO, all smart contract funds are now secured. The project team will pay the compensation for all the damaged binders. Olympus Dao will soon make up for the losses via an airdrop or contract offering. As soon as the story is finalized, an announcement will be published on the Discord server.
Team Olympus DAO smart contract He has made a complete investigation of what happened and will soon publish a supplementary report together with the development team. This report also mentions things like how to prevent possible future abuses. Olympus Dao encourages users to contribute to project security through the Immunefi platform. In the latest update on recent events, a spokesperson for Olympus DAO announced that the stolen funds have been returned. Etherscan data confirms the returned transaction.
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Source: dailyhodl