Crypto Alert | Osmosis Dex Hacked for $5,000,000


Osmosis, a proof-of-stake (PoS) blockchain with a decentralized exchange (DEX) application within the Cosmos (ATOM) ecosystem, has been exploited to the tune of some USD 5m.
The project’s official Twitter account confirmed the hack but denied allegations that liquidity pools were completely drained. “Devs are fixing the bug, scoping the size of losses (likely in the range of ~[USD]5M), and working on recovery.”
To prevent users from exploiting the vulnerability, the network validators halted the chain.
“As of block #4713064 the Osmosis chain has been halted for emergency maintenance,” said network validator ‘EmperorOsmo(Hathor Nodes)’. “At this time the Osmosis DEX and Wallet are inoperable, until repairs are completed.”
The exploit was reportedly possible due to a “critical bug” in the protocol’s liquidity pools that allowed everyone to increase their position by 50% simply after adding and removing liquidity to any pool. The bug could have potentially drained all liquidity pools.
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-TIMESTAMP-
0:00 Crypto Alert
0:15 Osmosis Dex Hacked for 5 Million Dollars.
1:00 Crypto News Cosmos Atom Dex Hacked.
4:00 Crypto Research Coin Marketcap!
5:00 How much more money will people Lose?
5:45 Ryan Matta Crypto News Today Outro!

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