DeFi-platform Opyn lost $371 000 as a result of hacking

Hackers withdrew about $371,000 of user funds from the Opyn DeFi platform, exploiting a vulnerability in the otokens project's internal оtoken.


Hackers carried out a double-spending attack on Ethereum put options, gaining access to the collateral of users who sold contracts.

To avoid further losses, Opyn withdrew 572,165 USDC from its own smart contract, and removed the option to buy Tokens.

The Opyn options Protocol is fully decentralized, which means that the project management cannot control or temporarily disable it in the event of an attack.

The company offered victims to buy back their oTokens at a 20% markup to compensate for losses. The issue of refunds to users who do not have tokens is being considered.

Opyn promised to improve the security of the Protocol and increase rewards to third-party developers for identifying vulnerabilities. Management will also conduct additional audits of the reliability of smart contracts.

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