Over $24 million has been siphoned from the Ostium vault, a perpetuals protocol on Arbitrum, as the perpetrator transfers 10,540 ETH to Tornado Cash, according to blockchain security firm PeckShield.
The initial loss was estimated at $18 million, but ongoing investigations have revealed that the total drained amount has reached approximately $24 million in USDC. PeckShield outlined that the exploiter converted a portion of the stolen stablecoins into 12.08K ETH before initiating the laundering process.
The exploiter's activity began with funding Wallet 0x321D...8bfD9, which received 1 ETH from both ChangeNow, a non-custodial exchange, and Bybit, a centralized exchange. Following the exploitation, the attacker deployed the stolen funds into a series of transactions that led to the current laundering effort.
Visuals accompanying the report depict a complex web of transactions that trace back to a total of 26.4 million USDC linked to the attacker's wallet. This amount was subsequently swapped for 12,086 ETH, with 10,540 ETH being sent to Tornado Cash. Further analysis indicated multiple transactions, including a notable deposit of 784.66 ETH from an address associated with the Ostium exploit.
As of the latest data from DefiLlama, Ostium's total value locked stands at $37.80 million, all situated on the Arbitrum network. Previously, trading on Ostium was halted following the oracle exploit that led to the vault's drainage, prompting increased scrutiny on security measures within the platform.
This material is for informational purposes only and does not constitute financial advice.
