Optim Finance Pauses OADA Amidst $9M ADA Drain

Cardano's Optim Finance protocol has paused its OADA due to an exploit that drained both tokens and disabled the sole peg-defending mechanism on Splash's OADA/ADA stableswap.

The attack targeted the pool's Algorithmic Market Operation logic, emptying OADA liquidity across all paired venues. The immediate damage is contained to those pool balances, but the same actor then moved to drain every other venue where OADA had been paired against various tokens, effectively wiping out the ADA-pegged synthetics' on-chain market.

According to Optim Finance, users should not supply OADA or O liquidity anywhere. The protocol has not disclosed whether the vulnerability lay in Splash's contract code, the AMO integration, or both.