Hacker steals $300,000 from Olympus DAO and returns it the same day

Olympus DAO is the next victim of a massive DeFi hack. In the end, the thief managed to get away with 30,000 OHM, which is worth approximately $300,000. However, a few hours later, he or she sent the funds back to the DAO.

What happened?

The community was notified of the hack via Discord on Friday morning. “This morning, a hacker managed to alienate 30,000 OHM from the OHM bond contract. Unfortunately, this bug was not found by three independent researchers and our internal review did not reveal it,” the team said via Discord.

Fortunately for Olympus DAO, only a limited amount of tokens have disappeared, because in theory the hacker could have stolen $3.3 million. The strangest moment of all came when the hacker simply sent the funds back to the DAO, meaning he either changed his mind or was a “good” hacker.

The funds are back

A few hours later, the positive news came to the community. “The funds have been returned to the DAO wallet,” the team said. The Olympus DAO is a project launched in May 2021 and is a decentralized stablecoin protocol based on the OHM token. The OHM tokens, in turn, are backed by assets such as DAI and FRAX, which are held in Olympus’ treasury.

As of January 2022, Olympus offers a reward of up to $3.3 million for discovering flaws in the platform’s smart contracts. They do this project to give any hackers the opportunity to earn some money fairly, instead of stealing everything if they find a vulnerability in the code. So in the end the project comes off well and the funds are back.

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