Opyn, a protocol offering options for ETH, DeFi tokens, as well as insurance on Compound deposits, was hacked. At least 371,260 USDC were lost because of the double-spend attack on its Ethereum put options.
Only ETH put contracts were affected by the attack. The hacker used an exploit in Opyn protocol’s options tokens (oTokens) to steal collateral from users who sold these ETH puts.
Opyn responded to the exploit by removing the ability to buy corresponding oTokens and draining their own protocol’s smart contract to liquidate ETH puts, saving further collateral from exploitation. A total of 572,165 USDC was drained from the contract.
While security firm OpenZeppelin audited the contracts, the exploit was outside of the audit’s scope, Opyn team …