Blockchain security firm Blockaid detected a suspected $18M exploit involving Ostium Vault on Arbitrum.

According to the report, the attacker allegedly abused a registered PriceUpKeep forwarder and future-dated authorized oracle reports to generate artificial trading profits, triggering an ~$18M USDC payout from the vault.

The stolen funds are reportedly being swapped from USDC into ETH via Kyber Network.

Ostium is an RWA perpetual trading protocol focused on equities, commodities, and forex. The project has raised ~$27.8M from investors including General Catalyst, Jump Crypto, Coinbase Ventures, Wintermute, and GSR.

More details are expected as the investigation continues.