How much was lost in the Omm hack?

The Omm hack resulted in $1.9M in losses on January 21, 2023.

What attack technique was used in the Omm exploit?

The Omm exploit utilized Redeem Function Exploit. Understanding this attack vector is critical for smart contract auditors and developers building secure DeFi protocols.

How can developers prevent similar smart contract attacks?

Preventing smart contract hacks requires a combination of secure coding practices, thorough security audits, and understanding common attack vectors like reentrancy, oracle manipulation, and access control flaws. Smart Contract Hacking (SCH) provides hands-on training to help developers and auditors identify and prevent vulnerabilities before deployment.

Omm Hack

TOTAL LOST $1.9M

Medium Jan 21, 2023 Redeem Function Exploit icon

Affected Chain icon Incident surface

Recovered - No recovery reported

All-Time Rank #682 By amount stolen

Auditors 1 Prior security audit

Incident Overview

Omm is the money market made for everyone. Supply assets to earn interest, borrow assets for short-term loans, and earn OMM for doing so.

Incident Report

Protocol / Project Omm

Date of Incident January 21, 2023

Affected Chain(s) icon

Attack Technique Redeem Function Exploit

Classification Protocol Logic

Primary Source View Post-Mortem

Protocol Information

Protocol Type Lending

Smart Contract Language Java

Protocol Twitter/X @ommfinance

What the Attacker Needed to Succeed

Understanding the prerequisites for this type of attack helps auditors identify protocols that are most at risk and helps developers build better defenses.

Technical Knowledge Deep understanding of redeem function exploit and Solidity and EVM internals

Capital Required Seed capital to cover gas and initial position setup

On-Chain Access Ability to interact with icon smart contracts and deploy a custom exploit contract

Protocol Analysis Identification of the exploitable vulnerability in Omm's contract logic - root cause: protocol logic

Execution Speed Precise transaction ordering and timing to exploit the vulnerability within a single atomic block

Obfuscation Plan A strategy to launder and move stolen funds - typically through mixers, cross-chain bridges, or decentralized DEX swaps to resist tracing

What Auditors Should Check

Could this have been caught in audit? Likely — with a thorough Redeem Function Exploit audit checklist and test coverage

Audited by Audit Report 1 — still lost $1.9M. Prior audits don't guarantee safety, especially after post-audit code changes.

If you're auditing a protocol with similar architecture to Omm, these are the critical security checks that could have prevented this incident (January 2023).

Verify all logic paths related to Redeem Function Exploit are guarded by proper access controls and input validation
Review privileged functions (owner, admin, governance) for potential abuse vectors - centralization risks should be documented and bounded with timelocks or multi-sigs

Master these auditing techniques with hands-on labs and real exploit scenarios in the Smart Contract Hacking course.

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Security Audit History

Audit Report 1 Report

Sources & References

01
Source 1 https://forum.omm.finance/t/omm-exploit-postmortem-january-2023/266

Threat Assessment

Severity Level

MEDIUM

Attack Vector Redeem Function Exploit
Root Cause Protocol Logic
Year 2023

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