Hypernative and Olympus DAO teams worked together to address an exploit of a utility contract that put approving EOA funds at risk. No Treasury Funds were ever at risk
On Sept. 21, Hypernative detected unusual activity related to one of Olympus DAO's utility contracts. Within 3 minutes early on Saturday morning U.S. time, Hypernative notified the Olympus team. Thanks to the quick response and efficient collaboration between the teams, the damage was limited to $29K.
An exploit vector in the Cooler Consolidation Contract gave an attacker the ability to take the entirety of the DAI and gOHM balance, up to the approval amount the user allowed. Hypernative's engineers recommended raising fees abnormally to make the contract unusable while a permanent solution was being worked out. Olympus DAO notified the community and informed of the need to revoke approvals. It also reimbursed all of the impacted users.
"The quick and professional reaction by the Olympus team in response to accurate and actionable Hypernative alerts prevented loss of funds. This is how a best-in-class real-time threat monitoring solution and a security-minded protocol team come together to make Web3 safe for everyone."
Hohmward
Council Member @ Olympus DAO
Over the past two years, Olympus DAO has expanded its use of Hypernative's security solutions to include front-end monitoring, security advisory services, and advanced custom monitoring. The accuracy of the Cooler Consolidation Contract detection has prompted the team to consider adding automated responses to its security posture.
Olympus is also evaluating Hypernative Security Oracle for its proxy contracts that are public facing. The integration would have blocked the malicious addresses involved in the Cooler exploit because it was funded from Tornado Cash. The Oracle would also give the protocol the ability to pull the funds back.
Read more: Why Olympus DAO Chose Hypernative to Address Its Evolving Security Needs
Hypernative uses battle-tested, sophisticated machine learning models, heuristics, simulations, and graph-based detections to identify threats with high accuracy and give customers precious minutes to respond before exploits can do damage. The system monitors security, technical, financial, governance and other risks. Hypernative detected 99.5% of hacks last year with less than 0.001% false positive rate and saved more than $500M of funds to date.
Over 150 Web3 projects already rely on Hypernative’s real-time enterprise-grade platform that monitors over $37B worth of digital assets across more than 40 chains. The list includes Balancer, Blockdaemon, Chainalysis, Chainlink, Circle, Consensys, Ethena, Etherfi, Galaxy, Linea, Quantstamp, Solana, Starknet, and Uniswap.
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