Ostium begins recovery from $23.8M hack, fully repays smaller victims

Ostium, an Arbitrum-based decentralized platform for tokenized asset perpetual futures, has fully compensated losses at 3,321 wallets affected by a July hack and proposed a separate recovery plan to the remaining 345 affected wallets, Crypto Briefing reported. According to the outlet, on July 15 an attacker compromised Ostium’s off-chain infrastructure, rather than its smart contracts, and submitted manipulated BTC-USD price data. A total of 23.75 million USDC was drained through eight abnormal trades. Ostium Labs decided to use its own funds to cover losses suffered by affected liquidity providers. The company has fully repaid the 3,321 wallets with relatively smaller losses and sent a term sheet outlining a recovery plan to the other 345 wallets on Aug. 29.