Hacken, a security auditing firm, investigated the incident, revealing that the attack utilized a malicious contract created shortly before targeting Onyx. The hacker exploited vulnerabilities in the platform to drain its native stablecoin, Virtual USD (VUSD).<\/p>\n

This marks the second significant breach<\/a><\/strong> for Onyx since November 2023, leading to confusion and further scams on social media. Although Onyx assured users that VUSD remains operational, the incident has disrupted its peg, causing it to drop to $0.39 from its intended value of $1.<\/p>\n

The attacker managed to exploit low liquidity in trading pairs by executing a series of transactions, allowing them to withdraw a total of $3.8 million in VUSD. The transactions involved borrowing WETH and creating a series of spam transactions to manipulate the exchange rate.<\/p>\n