The Ethereum-based Origin Dollar has been hacked. Origin Protocol announced that its stablecoin, the Origin Dollar (OUSD), was hacked and lost $ 7 million. Origin Protocol launched OUSD in September this year.
In an official post, Mathew Lui, founder of the Origin Protocol, said that of the $ 7 million attacked, about $ 1 million was invested by company founders and employees. The company added that the main reason for the attack was the flash loan transaction.
According to the statement, the attackers used Tornado Cash and renBTC to move the funds they stole. The company left a message to the hacker to return the funds and expressed its gratitude to the blockchain community:
“We ask the hacker to do the right thing and return the money. You have proven your outstanding skills as a hacker and we would be happy to hire you as a security consultant. If you return 100% of the money, we promise not to pursue you or take any legal action against you. We ask you to humbly consider the hundreds of innocent people you hurt and return the money. ”
The value of Stablecoin has dropped significantly in the market. The founder denied rumors of an internal fraud and said the company wasn’t going anywhere because of this hack.
To CoinGecko, the price of the project’s native token has dropped 85% since the attack. Origin urged people not to buy OUSD on Uniswap or SushiSwap, as these prices do not reflect the underlying assets of the token. OUSD is backed by USDT, USDC, and DAI deposits and is somehow designed to act like a savings account.