Ribbon Finance (Aevo), suffered a sophisticated exploit that resulted in approximately $2.7 million in losses following an oracle upgrade. The attacker manipulated the oracle system by abusing price-feed proxies and inconsistencies in decimal precision across assets, allowing the creation of fraudulently priced oTokens. By using technically valid but poorly structured options, the hacker was able to drain roughly 900 ETH along with other digital assets. Opyn later clarified that its application was not compromised, and that the root cause of the incident stemmed from weaknesses in Ribbon Finance’s newly upgraded oracle code.