According to Ostium’s official report, the attacker compromised the off-chain price feed system and submitted falsified prices of $5,000 and $60,000 to the BTC-USD market. Starting with 100 USDC, the attacker extracted 23.75 million USDC from the OLP treasury within five minutes through eight transactions. The incident resulted from a lack of multi-party approval mechanisms in the off-chain infrastructure. The stolen funds have been converted to ETH and laundered through Tornado Cash.
Ostium Under Attack: Attacker Arbitrages $23.75M USDC Using Fake Prices
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Summary
Ostium suffered a major exploit as attackers manipulated its off-chain price reporting system, submitting fake BTC-USD prices of $5,000 and $60,000. Starting with 100 USDC, the attacker drained 23.75 million USDC from the OLP vault within five minutes. The vulnerability resulted from the absence of multi-party approval in the infrastructure. The stolen funds were converted to ETH and laundered through Tornado Cash. With altcoins under pressure, the Fear & Greed Index may indicate heightened market anxiety.
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