TechFlow news, July 16: According to Cointelegraph, decentralized trading protocol Ostium suspended trading on Wednesday, as blockchain security firms Blockaid and CertiK reported its OLP liquidity vault suffered an oracle-related exploit. Blockaid estimated losses at approximately $18 million, while CertiK stated approximately $22 million; both companies attributed the incident to a suspected compromise of Ostium's oracle system.
Ostium announced on the X platform the suspension of all trading and advised users to temporarily revoke approvals for its contracts to ensure fund safety. The project team stated they are investigating and have not yet confirmed the cause of the incident or the loss amounts reported by security firms. Ostium is an on-chain perpetual contract trading platform built on Arbitrum, providing leveraged exposure to 75 trading pairs including stocks, ETFs, commodities, and cryptocurrencies.
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