With Bug That Led to $371K Hack Fixed, Opyn Launches YFI and WETH Options Contracts

By Abhimanyu Krishnan | News | 24 Aug 2020

Ethereum (ETH) options issuance platform Opyn has launched two new put contracts, only a few weeks after it suffered a hack that saw $371,000 siphoned. The team announced on August 21 that it had thoroughly stress tested and vetted the protocol.

  • Opyn is assuring investors that it has “stress tested the protocol, implemented robust monitoring, reviewed our internal testing processes”
  • The Opyn platform was quick to attract investors and quick to lose them following the attack, which occurred on August 4
  • An attacker exploited a bug in the code on, which resulted in the lost of $371,000
  • Open Zeppelin has audited the contracts
  • The two new contracts must be collateralized in USD Coin (USDC); investors can keep the premium and collateral if the asset stays above the strike price by the date of expiry
  • The oYFI contract has a sell price of $8500 with an expiry date of September 18, 8:00 AM UTC
  • The oWETH contract has a sell price of $400 with an expiry date of September 4, 8:00 AM UTC

Related Reading:

  • Opyn raises $2.1 million in funding led by Dragonfly Capital

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Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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