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Ostium says an incident hit its liquidity vault, with losses up to $24M
Third-party security firms estimated the exploit payout range from about $18.0 million to roughly $24.0 million, tied to future-dated oracle reports and manipulated trading profits.
Ostium, an on-chain perpetuals trading platform, said a five-minute security incident caused losses from its public Ostium Liquidity Provider, or OLP, vault, with outside estimates of the drained amount reaching as high as $24 million. CryptoSlate reports the incident ran from 14:18 to 14:23 UTC on July 15 and that the firm identified it within minutes and coordinated a trading pause within the hour.
Ostium did not provide a definitive loss total, root-cause findings, or a final postmortem, according to the report. CryptoSlate cites multiple security firms that said the core issue involved authorized data that was manipulated, rather than a missing signature.
Blockaid and Cyvers said a registered PriceUpKeep forwarder submitted future-dated, authorized oracle reports that created artificial trading profits. SlowMist added that an authorized signer supplied validly signed manipulated data used for repeated profitable trades, noting these conclusions remain third-party findings pending Ostium's postmortem.
The report also notes OstiumVerifier code in its security documentation can recover an ECDSA signer and check whether the signer is authorized, but it does not enforce price plausibility or timestamp bounds, which would need to be handled elsewhere in the protocol path. Ostium co-founder Kaledora Kiernan-Linn said the team is working with law enforcement, SEAL 911, and third-party security specialists, while estimates of the payout were tied to traced USDC outflows and later ETH swaps.
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