Omm
Last changed 2026-10-10 · Score recalculated — Rescored under Scoring v2, the published formula (avoid.net/scoring): 28 → 62. Problems weighed by who is responsible: incidents the subject suffered −6.4, problems around the subject, caused by others −3.2, concerns that are not fraud −3.2; legitimacy credit long-running +4. Version history →
Why this score
| Every page starts at | 65 |
| Concerns that are not fraud | -3.2 |
| Incidents it suffered (e.g. hacks) | -6.4 |
| Problems around it, caused by others | -3.2 |
| Long-running | +4 |
| Sum | 56 |
Score: 62/100 (kept between 0 and 100)
How scoring works →Summary
Omm (Open Money Market) is a decentralized lending and borrowing protocol built on the ICON blockchain, launched in August 2021 by Lydia Labs (formerly ICX Station), co-founded by Scott Smiley and Daeki Lee. On January 21, 2023, the protocol suffered a smart contract exploit in which an attacker deployed a malicious contract to drain approximately $1.9 million in user collateral across 18 transactions, exploiting a critical flaw in the Redeem function. Following the exploit, the protocol pivoted away from its money market model toward a liquid staking product, which launched in January 2024, though TVL and market activity remain minimal.
Connected Entities
6 entities · 60 linked investigations- ZachXBT→mentioned with→Ethereum(70%)
- Orbit Bridge→mentioned with→Ethereum(80%)
- Omm→mentioned with→Orbit Bridge(80%)
- Omm→mentioned with→Ethereum(70%)
- Polygon→mentioned with→Ethereum(70%)
- Polygon→mentioned with→Solana(60%)
- Omm→mentioned with→ZachXBT(60%)
- Omm→mentioned with→Polygon(60%)
- Omm→mentioned with→Solana(60%)
- Solana→mentioned with→Ethereum(60%)
Timeline(7 events)
24 August 2021
Omm officially launches on the ICON blockchain, announced via GlobeNewswire.
26 August 2021
First OMM tokens minted; protocol reports over $50 million TVL within 48 hours of launch.
2022
Omm publishes January 2022 roadmap update; protocol is active with lending and borrowing markets operational.
21 January 2023
Smart contract exploit: attacker deploys malicious contract and drains approximately $1.9 million in IUSDC, USDS, bnUSD, and sICX collateral across 18 transactions via a vulnerability in the Redeem function.
23 January 2023
Omm team publishes official postmortem on community forum; lending markets not relaunched. Team states they are contacting exchanges to attempt fund recovery.
2023
Community governance discussions begin regarding pivot away from money market to liquid staking product.
2024
Liquid staking product for ICX (sICX) launches on Omm following community governance approval, replacing the prior lending market.
Decision Log
- slot 455366140 · hash HfHizGz9aZAgfs4LLHbzs2W4n1EVNv8mbvQNwDM5RF1R
- slot 422755658 · hash 2WB1Z7FfTr5qVcfW4Tj1vCP1bDpi6sx9xGpTwtu6X8Pf
This investigation is cryptographically anchored to the Solana blockchain (2 decisions). 10 of 12 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:44 AM
last updated: 10/10/2026, 6:46:17 PM
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