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
1 entities · 10 linked investigationsTimeline(7 events)
2021-08-24
Omm officially launches on the ICON blockchain, announced via GlobeNewswire.
2021-08-26
First OMM tokens minted; protocol reports over $50 million TVL within 48 hours of launch.
2022-01-01
Omm publishes January 2022 roadmap update; protocol is active with lending and borrowing markets operational.
2023-01-21
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.
2023-01-23
Omm team publishes official postmortem on community forum; lending markets not relaunched. Team states they are contacting exchanges to attempt fund recovery.
2023-01-01
Community governance discussions begin regarding pivot away from money market to liquid staking product.
2024-01-01
Liquid staking product for ICX (sICX) launches on Omm following community governance approval, replacing the prior lending market.
Decision Log
- hash: 2WB1Z7FfTr5qVcfW4Tj1vCP1bDpi6sx9xGpTwtu6X8Pf
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:44 AM
last updated: 5/28/2026, 4:22:10 PM
avoid.net — verified advice for a post-truth world