Osmosis, a decentralized exchange built using kosmosSDK, has been exploited, draining its liquidity pools for approximately $5 million.
Developers have halted the Osmosis blockchain to prevent further damage.
The decentralized exchange was stopped at roughly 10:49 pm EST today at a block height of 4,713,064, according to an objava from Mintscan, an Osmosis block explorer.
The iskoristiti happened just two blocks before the halt.
“Liquidity pools were NOT completely drained,” tweeted the team after discovering the exploit. “Programeri popravljaju grešku, određuju veličinu gubitaka (vjerovatno u rasponu od ~5 miliona dolara) i rade na oporavku."
Pulovi likvidnosti NISU “potpuno isušeni”.
Programeri popravljaju grešku, određuju veličinu gubitaka (vjerovatno u rasponu od ~5 miliona dolara) i rade na oporavku.
Korisnik na Redditu upozorio the Osmosis developers about the critical bug in their decentralized exchange. The Reddit thread was later removed by the Osmosis moderator.
According to the user, if you provide liquidity to liquidity pools, you would then be able to withdraw 50% more than your deposit without any bonding period (a period over which the funds are locked).
On-chain transactions show how one korisnik repeatedly exploited this precise bug.
oni počeo the exploit with just 26 OSMO tokens and made 13 više OSMO tokens in their first transaction.
One instance shows how they were able to provide liquidity of 101,230 OSMO (the native token of Osmosis) in a transakcija made six hours ago.
Transaction showing user adding liquidity. Source: Mintscan.
Then, just 30 seconds later, the exploiter izašao their position with 151,084 OSMO tokens, pocketing 50% profit.
Transaction showing user removing liquidity. Source: Mintscan.
They then repeated this process at least 30 times, each time increasing his holdings by 50%.
The wallet raked in roughly 70,000 of Cosmos’ native ATOM tokens out of the process (by swapping OSMO to ATOM), which is valued at approximately $600,000. They also transferred some of their OSMO profits to drugu adresu to repeat the same process.
The user repeated the process with numerous accounts. All told, the attacker made roughly $5 million from this bug.
Osmosis token price action
The total value locked (TVL) on the Osmosis blockchain dropped 1% over the past 24 hours. TVL currently stands at $212.77 million, according to data from DefilLlama.
OSMO is down 6.58% over the past day and trades at $1.07.
The native token hit an all-time high of $11.21 in March 2022, according to data from CoinMarketCap. It has since shed over 90% from that high in the last three months.
Želite biti kripto stručnjak? Dobijte najbolje od Decrypt direktno u svoju pristiglu poštu.
Dobijte najveće vijesti o kripto vijesti + sedmične preglede i još mnogo toga!
