Origin Dollar (OUSD), the yield-generating stable token launched by Origin Protocol in late-September, has been hacked to the tune of $7 million.
On Nov. 17, Origin Protocol founder Matthew Liu announced the stablecoin had been hacked, noting that $1 million of the $7 million in lost funds including DAI and Ether had been deposited by Origin’s founders, employees, and the company itself.
The team currently does not know the exact nature of how the exploit was carried out, however they noted a flash-loan transaction that appears to be “the root of the attack.” The transaction cost nearly 0.54 Ether to complete.
“The team is all-hands on deck attempting to figure out what vulnerability was exploited and how the hacker was able to access users’ deposits. Expect an updated post within an hour.”
In response to the attack, deposits to the OUSD vault have been disabled, and traders have been advised not to purchase the token: