OneRing Finance DeFi-protocol hit by hacker attack

22.03.2022 22:54
by Artem Ustinov
1 min read

DeFi product OneRing Finance lost $2 million in a hack attack. OneRing Finance is a multi-chain stablecoin yield optimization protocol.

The hacker managed to exploit the vulnerability of the OneRing Finance system by using the “instant loan” service. The attacker placed a special smart contract on the Fantom platform.

Then hacker borrowed 80 million USDC and manipulated the price of the OShare token in the liquidity pool of OneRing Finance. As a result, the attacker remained in profit by $1.4 million.

The hacker managed to steal the money and escape thanks to the self-destruction of the smart contract. OneRing Finance announced that they are working on the plan of returning stolen money.

Author

  • Crypto analyst and practitioner trader with the law and managerial education. Active investor and crypto enthusiast. Worked as an analyst and copywriter in a brokerage company. Accompanied by DAO and NFT projects of different levels of complexity.

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