DeFi Protocol Olympus DAO Hacked! Hackers Drained Over $300K Through Smart Contract Exploit

The crypto sector has brought massive returns since its inception, and it has become the first choice of investment option due to its futuristic vision and revenue potential. However, hackers also seek to make maximum profits out of this industry as loopholes and exploits have grabbed their attention.

Recently, a leading DeFi protocol Olympus DAO has come across a smart contract exploit that enabled fraudsters to steal over $300K from the protocol.

Olympus DAO Faces A Smart Contract Difficulty

According to a security firm Peckshield, a hacker nearly drained over 30,437 OHM tokens (almost $300,000) from the DeFi protocol. Hackers were able to execute such a massive amount by getting a loophole in the networks smart contract system on the Ethereum blockchain. The hack took place at 1:22 a.m. ET today.

According to Olympus DAOs officials, the exploit was conducted when a contract on the network failed to authenticate the hackers malicious crypto transfer request.