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Origin Protocol co-founder Matthew Liu confirmed an attack on the Origin Dollar (OUSD) safe on Monday evening.
“The team is ready to try to understand which vulnerability was exploited and how the hacker was able to access user vaults,” he wrote.
Although the exact exploit, some form of flash attack, is not yet known, the Origin team estimated that $ 7 million was taken, a combination of ETH and DAI stablecoins.
Liu indicated he was still unsure whether the funds – of which more than $ 1 million, he said, came from Origin’s employees and founder – could be recovered.
To quell the rumors, Liu said: “This is not a rugby or an internal scam. Despite this setback, it is absolutely our intention to make OUSD a safe, secure and successful product that relies on the most. Origin’s broad mission of peer-to-peer commerce “.
Origin is a blockchain-based e-commerce platform. It introduced the OUSD stablecoin at the end of September; is supported not by fiat but by other stablecoin, including DAI.
As a result of the hack, the stablecoin, thought to be equivalent to $ 1.00, dropped to $ 0.54.
The attack could further undermine the confidence in the security of decentralized finance protocols, many of them based on Ethereum. In the past month, Harvest Finance, Akropolis, and Value DeFi have all been attacked via flash loan vulnerabilities which have resulted in losses of over $ 40 million.
