BSC-based OceanLife (OLIFE) token gets hacked, loses 100% of value

OceanLife (OLIFE) has reportedly suffered a severe exploit, losing 100% of its value. The team is yet to release an official statement on the incident.

OLIFE, the native cryptocurrency of OceanLife, a BEP20 charity token on the Binance Smart Chain (BSC), has been drained from the platform by hackers.

The OceanLife project claims to be on a mission to feed charities dedicated to saving the world’s oceans from the destruction of marine life and overfishing. 

According to PeckShieldAlert, the BSC-based project has suffered a severe exploit that has effectively sent the price of OLIFE tokens to zero, per BSC Scan data. The project is yet to release an official statement concerning the incident.

More than $3 billion was lost to bad actors last year and the menace of hacks and heists has continued in 2023. Blockchain security project Certik puts the total amount lost to bad actors in Q1 2023 at around $320 million, with about $222 million wiped via flash loan attacks and security breaches.

BSC is currently the third-largest DeFi-supporting chain in terms of total value locked (TVL $5.08 billion), dwarfed by only Ethereum (TVL 31.5 billion) and Tron ($5.5 billion), according to Defi Llama.