The Stablecoin Origin Dollar (OUSD) project was subjected to a re-attack at 00:47 on Tuesday UTC, resulting in the loss of $ 7 million worth of funds, including over $ 1 million deposited by Origin and others its founder and staff.
The team has disabled deposits and the price of the project's native token has dropped 85% since the attack, according to CoinGecko.
Origin recommends that people not buy OUSD on Uniswap or SushiSwap since those prices do not reflect the underlying asset of the token. OUSD is backed by deposits of USDT, USDC and DAI and is designed to act like a savings account.
Tuesday's attack used a quick loan and OUSD contract flaws to initiate the so-called "Rebase", according to Etherscan and an updated blog of the group.
The attack artificially spiked the supply of OUSD tokens in the protocol before swapping new tokens printed on SushiSwap and Uniswap for USDT.
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