The startup assured its users,”We will be working tirelessly until we can determine the cause of the exploit and whether we will be able to recuperate these funds. We are very incentivized to give 1000% in resolving the issue in whatever way possible.”
In a series of updates, Origin Protocol described how the attacker apparently used a flash loan to open up the hack. Then they proceeded to launder the stolen funds through a mixer service called Tornando.cash as well as, withdrawing and selling it on Uniswap and Sushiswap for USDT in subsequent transactions.
They released all the details of the attack.
Stablecoin destabilize
The Origin Platform initially targets the global sharing economy, allowing buyers and sellers of fractional use goods and services (car-sharing, service-based tasks, home-sharing, etc.) to transact on the distributed, open web. Using the Ethereum blockchain and Interplanetary File System (IPFS), the platform and its community participants can interact in a peer-to-peer fashion, allowing for the creation and booking of services and goods without traditional intermediaries.”
