I'm literally referring to "the iMessage attack".
If you recall, iMessage did ECDSA(AES(m, ek), sk) without an intermediary HMAC. Libolm does have an (albeit truncated) HMAC, so the attack doesn't apply at all here. But it's still a design smell.
If I could extend their construction (which looks like the setup to the iMessage attack, without the punchline) into a real attack, I would have just disclosed it to them and not commented publicly.
How the attack I envision would work if their HMAC suddenly got erased from the protocol: Establish a multi-device setup, flip bits in ciphertext you want to decrypt, sign with Ed25519, observe padding oracle.
(A truncated HMAC does prevent that in the real world, but at a 32-bit security level rather than a 128-bit security level.)
These are (somewhat nitpicky) design critiques, not security vulnerabilities. :)
Edit to add: Also, the iMessage attack had some other weirdness that isn't relevant for what I'm describing, but was very relevant for iMessage being broken.