Ostium Exchange Hit by Massive $23.75M USDC Exploit via Fake Bitcoin Price Reports

Ostium, a perpetuals exchange, revealed that an off-chain security breach led to a massive exploit on July 15. The attack drained 23.75 million USDC from the protocol's OLP vault.

The attacker manipulated the price of Bitcoin (BTC) by submitting fake BTC-USD price reports to the protocol. This allowed them to record artificial trading profits, which were then withdrawn from the public OLP vault.

Ostium's investigation found no flaws in its smart contracts or multisig wallets, and trader collateral and user margin remained secure during the attack. The platform moved its operations to a new production environment with updated security controls and resumed trading services on July 23.