Decentralized insurance platform Opyn was hacked on August 4, resulting in the theft of over $370,000. The hacker exploited a flaw in the Opyn ETH Put contracts, which is the only contract that has been affected. 

The exploit allowed the attacker  to “double exercise” the native token oTokens and steal the collateral posted by certain sellers of these puts. He or she stole 371,260 USDC. It is also unknown how much ETH has been lost. 

The team has taken several measures to beef up the security. It has removed 439,170 USDC collateral from outstanding vaults in order to safely provide collateral to Put sellers. It has also removed liquidity from its ETH pools on Uniswap.

They have also signaled their intention to buy oTokens above market prices to offer some recompense.

Opyn raised $2.1 million in June 2020, in a round of funding led by Dragonfly Capital.