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.