A Cryptocurrency Platform Was Hacked: Major Losses Reported – Transactions Suspended

Ostium, a real-world asset (RWA) focused perpetual futures trading protocol operating on the Arbitrum network, has been subjected to a suspicious attack amounting to approximately $18 million.

Blockchain security company Blockaid announced it detected an attack targeting Ostium’s OLP Vault. Initial findings indicate the attacker generated artificial trading profits using a registered PriceUpKeep forwarder and forward-dated authorized oracle reports.

It was stated that this method resulted in the system paying the attacker approximately $18 million worth of USDC. Blockaid announced that the transaction and wallet address associated with the attack have been identified, and that investigations into the technical details of the incident are ongoing.

The Ostium team also confirmed that they were aware of an issue with the OLP Vault. All trading on the protocol has been temporarily suspended until the matter is investigated.

Ostium operates as a RWA protocol offering perpetual futures products based on traditional financial assets such as equities, commodities, and foreign exchange markets.

To date, the project has raised approximately $27.8 million in funding with participation from investors such as General Catalyst, Jump Crypto, Coinbase Ventures, Wintermute, and GSR.

*This is not investment advice.