Cryptocurrency [loss] $1M+

"Hacker drains $1.4 million worth of ETH from NFT lender Omni"

2022-07-10 [vendor] Omni [chain] ethereum
Primary Source ↗
Financial Loss $1.4M (1,430,000 USD)
Blockchain(s) Ethereum

Incident Details

Hackers used a flash loan attack to steal around 1,300 ETH ($1.43 million) from the NFT lending platform Omni. Omni allows users to borrow cryptocurrency against their NFTs.Hackers used NFTs from the popular Doodles collection as collateral to borrow wETH, then withdrew all but one of the NFTs, allowing them to perform a re-entrancy attack. The attacker then laundered the funds using the Tornado Cash cryptocurrency tumbler.According to Omni, only funds belonging to the platform that were being used for testing were taken by the attacker.

Total loss estimated at $1,430,000.

Technical Details

Initial Attack Vector
Flash loan attack on smart contract
Vendor / Product
Omni

Timeline

  1. 2022-07-10 Breach occurred
  2. 2022-07-10 Publicly disclosed