Verify a decision

{"actor":"system:backfill","investigation_id":"7c707cc4-4d00-4fd5-8f55-9d00a1f1e3e7","kind":"publish","page_slug":"omm","published_at":"2026-05-28T16:22:10.537Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Omm","sections":[{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.globenewswire.com/en/news-release/2021/08/24/2285343/0/en/Omm-Launches-Decentralised-Money-Markets-on-ICON-Blockchain.html","type":"other","url":""},{"credibility":3,"name":"https://theicon.ist/2021/08/27/welcome-omm-icons-decentralized-open-money-market/","type":"other","url":""},{"credibility":3,"name":"https://ommfinance.medium.com/omm-a-new-defi-project-for-icon-c840abd4befe","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://forum.omm.finance/t/omm-exploit-postmortem-january-2023/266","type":"other","url":""},{"credibility":3,"name":"https://defillama.com/protocol/omm","type":"other","url":""},{"credibility":3,"name":"https://medium.com/rektify-ai/learning-from-the-biggest-defi-hacks-of-2023-1cab753ac4ea","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://forum.omm.finance/t/omm-exploit-postmortem-january-2023/266","type":"other","url":""},{"credibility":3,"name":"https://medium.com/rektify-ai/learning-from-the-biggest-defi-hacks-of-2023-1cab753ac4ea","type":"other","url":""},{"credibility":3,"name":"https://defillama.com/protocol/omm","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://docs.omm.finance/liquid-staking-pivot","type":"other","url":""},{"credibility":3,"name":"https://omm.finance/","type":"other","url":""},{"credibility":3,"name":"https://defillama.com/protocol/omm","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://coinmarketcap.com/currencies/omm-finance/","type":"other","url":""},{"credibility":3,"name":"https://theicon.ist/2021/08/27/welcome-omm-icons-decentralized-open-money-market/","type":"other","url":""},{"credibility":3,"name":"https://defillama.com/protocol/omm","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://myiconcommunity.com/p-rep-interviews/balanced-network-founder-how-to-build-biggest-dex-on-icon-network-best-multi-chain-scott-smiley/","type":"other","url":""},{"credibility":3,"name":"https://theicon.ist/the-icon-team/","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://defillama.com/protocol/omm","type":"other","url":""},{"credibility":3,"name":"https://forum.omm.finance/t/omm-exploit-postmortem-january-2023/266","type":"other","url":""},{"credibility":3,"name":"https://twitter.com/ommfinance","type":"other","url":""}]}],"sources_used":[{"credibility":2,"name":"Omm exploit postmortem | January 2023 - Omm Forum","type":"official","url":"https://forum.omm.finance/t/omm-exploit-postmortem-january-2023/266"},{"credibility":2,"name":"DeFiLlama - Omm Protocol Page","type":"research","url":"https://defillama.com/protocol/omm"},{"credibility":2,"name":"Learning from the Biggest DeFi Hacks of 2023 - Rektify AI (Medium)","type":"research","url":"https://medium.com/rektify-ai/learning-from-the-biggest-defi-hacks-of-2023-1cab753ac4ea"},{"credibility":2,"name":"Omm Launches Decentralised Money Markets on ICON Blockchain - GlobeNewswire","type":"news_article","url":"https://www.globenewswire.com/en/news-release/2021/08/24/2285343/0/en/Omm-Launches-Decentralised-Money-Markets-on-ICON-Blockchain.html"},{"credibility":2,"name":"Welcome Omm, ICON's Decentralized Open Money Market - The Iconist","type":"news_article","url":"https://theicon.ist/2021/08/27/welcome-omm-icons-decentralized-open-money-market/"},{"credibility":2,"name":"Omm: a new DeFi project for ICON - Medium","type":"official","url":"https://ommfinance.medium.com/omm-a-new-defi-project-for-icon-c840abd4befe"},{"credibility":2,"name":"Omm Liquid Staking Pivot Documentation","type":"official","url":"https://docs.omm.finance/liquid-staking-pivot"},{"credibility":2,"name":"Omm Finance Official Website","type":"official","url":"https://omm.finance/"},{"credibility":2,"name":"CoinMarketCap - Omm Tokens (OMM)","type":"other","url":"https://coinmarketcap.com/currencies/omm-finance/"},{"credibility":3,"name":"Balanced Network Founder Interview - ICON Community (Scott Smiley)","type":"other","url":"https://myiconcommunity.com/p-rep-interviews/balanced-network-founder-how-to-build-biggest-dex-on-icon-network-best-multi-chain-scott-smiley/"},{"credibility":2,"name":"The ICON Team - The Iconist","type":"other","url":"https://theicon.ist/the-icon-team/"},{"credibility":2,"name":"DeFi Hacks & Exploits Database - DefiLlama","type":"research","url":"https://defillama.com/hacks"}],"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.","timeline":[{"date":"2021-08-24","event":"Omm officially launches on the ICON blockchain, announced via GlobeNewswire.","source":""},{"date":"2021-08-26","event":"First OMM tokens minted; protocol reports over $50 million TVL within 48 hours of launch.","source":""},{"date":"2022-01-01","event":"Omm publishes January 2022 roadmap update; protocol is active with lending and borrowing markets operational.","source":""},{"date":"2023-01-21","event":"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.","source":""},{"date":"2023-01-23","event":"Omm team publishes official postmortem on community forum; lending markets not relaunched. Team states they are contacting exchanges to attempt fund recovery.","source":""},{"date":"2023-01-01","event":"Community governance discussions begin regarding pivot away from money market to liquid staking product.","source":""},{"date":"2024-01-01","event":"Liquid staking product for ICX (sICX) launches on Omm following community governance approval, replacing the prior lending market.","source":""}]},"v":1}