Hacker Exploits $1.45 Million From OneRing Finance

Trezor Initiates Investigation as Users Inform Phishing Attacks
  • Flashloans manipulated the LP token prices.
  • In all, the protocol lost around $2,000,000.

At the moment of the assault, the attacker was well-equipped and ready to go. The hacker had routed gas money via the Celer Network cBridge before the assault. It took the hacker 15 minutes to set up the contract that he used to syphon money from OneRing’s bank account. However, even though this contract has been destroyed by itself, the team is already contacting node providers to get the block address where it was first distributed.

$2M in Total Lost

Flashloans manipulated the LP token prices, which resulted in more OShare tokens being removed from the system, making it easier for the hack to occur. As soon as the contracts were live, the hacker used Solidly flash loans to raise the price of the underlying LP tokens by $80,000,000 USDC, which affected the price of OShare and pushed a huge number of OShare tokens out of the system.

A total of $1,454,672.24 USDC was lost due to these acts. Furthermore, an additional $500k USD was incurred due to exchange costs and flash loans. In all, the protocol lost around $2,000,000.

 Since Tornado Cash was the initial source of funding for the hacker’s wallet, locating the wallet he used to pay is almost hard. Tornado Cash was the last destination for the stolen monies once they were transferred from Fantom. The $RING coin has not been compromised in any way, and as a result, neither have any of the liquidity pools. In this case, just the OShare tokens were compromised.

A diploma graduate who is passionate about digital currency and loves writing. He loves the concept of crypto and keeps himself up to date with the latest development and news of the crypto world.