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Ola Finance

avoid.net/ola-finance→28/100·82% conf.
[AI-DRAFTED · AWAITING VERIFICATION][src:defillama]
anchored·3TwJ4y…aSRP

Summary

Ola Finance is a multi-chain decentralized lending protocol offering a 'lending-as-a-service' platform that allows third parties to deploy isolated Compound-style lending pools across multiple blockchains. On March 31, 2022, the protocol's deployment on the Fuse Network was exploited via a reentrancy vulnerability in ERC677 token logic, resulting in approximately $4.67 million in stolen assets. The attacker used Tornado Cash to obscure initial funding, laundered proceeds through Ethereum and BNB Chain wallets, and was never publicly identified; a partial compensation plan was offered but fell materially short of full victim restitution.

Connected Entities

1 entities
Protocols
⌂Ola Finance
Relationships
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    Timeline(7 events)

    2021-05-26

    Fuse Lending Network powered by Ola Finance goes live on Fuse Network, initially supporting FUSE, WETH, WBTC, and USDC.

    2022-03-31

    Ola Finance's Fuse Network deployment exploited via ERC677 reentrancy vulnerability. Approximately $4.67 million stolen across USDC, BUSD, fUSD, WETH, WBTC, and FUSE. Attacker's seed capital sourced via Tornado Cash; stolen funds bridged to Ethereum and BNB Chain.

    2022-03-31

    Ola Finance and Voltage Finance pause all borrowing on affected networks, set borrower interest rates to 0% APY, and disable RainMaker rewards. Teams send on-chain message to attacker offering 10% (~$467,000) bounty.

    2022-04-01

    CoinDesk reports revised loss figure of $4.67 million following full accounting. PeckShield confirms reentrancy vulnerability diagnosis. Voltage Finance requests Circle, Etherscan, and CEX teams blacklist attacker addresses.

    2022-04-01

    Ola Finance publishes initial post-mortem on Medium detailing attack mechanism and immediate mitigations. Protocol estimates 1-2 months for remediation and relaunch.

    2022-04-01

    Ola Finance publishes Transparency Report and compensation plan: Fuse Foundation (250K USDC + 1M FUSE over 1 year), Voltage Finance (250K USDC + 40M VOLT over 1 year), Ola Finance (400K OLA tokens + up to $200K USDC option for sign-ups by June 30, 2022).

    2022-06-30

    Deadline for affected users to sign up for Ola Finance's USDC compensation option at $1 per future OLA token.

    Provenance & Audit Trail
    Anchored on SolanaVerify on-chainsrc:defillama

    Decision Log

    This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.

    full audit log →version history →

    model: claude-sonnet-4-6

    generated: 5/4/2026, 2:54:50 AM

    last updated: 5/28/2026, 5:31:34 PM

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