Origin Protocol, a San Francisco-based startup and the developer and issuer of the Origin Dollar (OUSD) stablecoin is the latest victim of a hack attack that occurred on Tuesday, according to its co-founder Matthew Liu.
The hacker stole at least $7 million ($6 million in user’s funds and $1 million in founders’ funds) from the OUSD vault. On Friday, Origin Protocol co-founder Josh Fraser said their company is offering a bounty of $1 million to anyone who can provide substantial information leading to the identity of the hacker or the recovery of the stolen customer funds.
Fraser also pleaded to the hacker to “act in a white hat manner” and return users’ funds. He also stated that the hacker showed “superior knowledge” in determining the vulnerabilities of their work.”
“To the hacker, we believe you’ve made your point to us and our community. Developers deploying untested contracts before essential security audits have been completed need to be more comprehensive and diligent when developing their products.” wrote Fraser in a blog post.
He added, “As the developers of the OUSD smart contracts, we do not care if you return company funds or the personal investments of our founders. We believe you demonstrated superior knowledge in identifying vulnerabilities in our work. We ask that you act in a white hat manner and return all funds from OUSD users. The total amount of deposits excluding our founders and company funds is $6,159,000.00. If you do this, we will immediately stop all efforts to identify you or pursue legal action.”
On the other hand, Liu expressed confidence that they will recover the stolen funds. He also stated that Origin Protocol is committed to providing 100% compensation to users affected by the attack.
Origin Protocol gives details of the hack
Since the attack, Origin Protocol has been transparent throughout the process. The startup identified the transaction that served as a conduit for the malicious actor.
