A vulnerability in Aevo's legacy Ribbon options strategy vaults came to light after an oracle upgrade, resulting in a $2.7 million exploit. The incident exposed how smart contract interactions with oracle dependencies can create unexpected attack vectors when protocol updates occur. The affected vaults, which operated as delegated options strategies, were drained through systematic transactions that capitalized on the transition period. Security researchers are examining whether the upgrade timeline allowed sufficient testing before deployment. This marks another reminder for DeFi protocols managing derivative positions—oracle changes ripple across the entire ecosystem when layer-1 dependencies shift. Projects running similar vault-based strategies are now reassessing their upgrade procedures and oracle fallback mechanisms.