DeFi Protocol Opyn hacked. More than $370,000 stolen from the smart contract.

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Around 4 AM PT today Defi Protocol Opyn was hacked by means of a double-spend attack. This protocol offers options for ETH, DeFi tokens, and insurance on Compound deposits. The hacker found an exploit in Opyn protocol's options tokens (oTokens) and used it to steal the collateral from ETH put sellers. No call contracts were affected by the attack. 

Due to the decentralized nature of Opyn, the team cannot shut down the protocol in case of an emergency. Opyn blocked the ability to buy corresponding oTokens and drained 572,165 USDC from the protocol's smart contract to liquidate ETH puts and stop further collateral exploitation. Although hackers managed to get away with more than 371,260 USDC.

Regardless of the fact that the contracts were audited by security firm OpenZeppelin, the exploit was outside the audit's scope. Opyn team promised to update with additional technical details on the exploit. They took the responsibility to fully reimburse the stolen money to the affected sellers. 

Opyn is taking additional measures to prevent future hacks. On the list, there is internal security and testing practices review, an increase in bug bounty reward, and additional audits besides the scheduled ones with OpenZeppelin. Finally, the contracts will go through Echidna, a program for smart-contracts testing by auditor Trail of Bits.

The hack highlights the vulnerability of the DeFi space. Still, Opyn’s response to the incident is adequate and instills optimism about Opyn’s future despite the negative impact of the attack.

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