Osmosis team says ‘all losses will be covered'

After yesterday's drain attack, the Osmosis team published an update thread on Twitter stating that all the losses will be compensated. The post Osmosis team says ‘all losses will be covered' appeared first on CryptoSlate.

Timeline of Osmosis

The DEFI exchange Osmosis got hit with a $5 million exploit in a recent hack which forced developers to halt the network as we can see more today in our latest cryptocurrency news. The DEFI Exchange Osmosis is built using CosmosSDK and was exploited today, draining up to $5 million from the liquidity pools.

FireStake, a validator on the Osmosis network, admitted that it took advantage of the blockchain's recent exploit to take $2 million. The post Osmosis validator FireStake admits it drained $2 million during Osmosis exploit appeared first on The Block.

Osmosis decentralized exchange succumbed to a breach losing about $5 million from its liquidity pool. According to the update, the hackers were able to discover a bug in the LP, using it to breach the platform.

Osmosis, the Cosmos-based interchain automatic market maker (AMM), recently announced the launch of the Osmosis Grants Program. Created following a successful on-chain governance vote, the Osmosis Grants Program “funds community-built tooling and infrastructure to grow the long-term utility of Osmosis and increase its user base.