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Ostium OLP vault hacked for about 24 million USDC, funds moved into ETH

Ostium OLP vault hacked for about 24 million USDC, funds moved into ETH

PeckShield said the attacker swapped the stolen USDC for about 12,080 ETH, with 10,540 ETH later sent to Tornado Cash, a crypto mixing service.

ETH
USDC
ARB

Fact Check
The primary PeckShield alert directly confirms the claim: Ostium's public OLP vault was drained of ~$24M USDC, swapped for 12.08K ETH, with 10,540 ETH deposited into Tornado Cash. The Defiant, KuCoin, and Gate.com independently corroborate the same figures and sequence of events. All numbers in the claim (24M USDC, ~12,080 ETH, 10,540 ETH to Tornado Cash) match the cited sources precisely.
Summary

Ostium’s public OLP vault was exploited for about 24 million USDC, with the attacker converting the proceeds into roughly 12,080 ETH and moving 10,540 ETH into Tornado Cash, according to PeckShield. The blockchain security firm said the revised $24 million figure is higher than the up-to-$18 million loss reported when the exploit first surfaced and reflects continued tracing of the drained funds rather than a separate incident. PeckShield also said the exploiter originally funded wallet 0x321D...8bfD9 with 1 ETH from ChangeNow and 1 ETH from Bybit. Ostium had halted trading after what was previously reported as an oracle exploit, while DefiLlama data showed the protocol’s total value locked at $37.80 million, all on Arbitrum.

Terms & Concepts
  • OLP vault: A protocol pool that holds assets backing a platform’s trading or liquidity functions.
  • Tornado Cash: A crypto mixing service used to obscure the origin and destination of blockchain funds.
  • oracle exploit: An attack that abuses price-feed or external data inputs used by a protocol.