Origin Dollar (OUSD) Demo
Developers of stablecoin OUSD will give away $ 1 million to return $ 6 million
The developers promised to end the pursuit if the attacker voluntarily returns the stolen funds
The amount of funds stolen is close to USD 6 million
This is not the first flash credit attack on a protocol
The creators of the depreciated stablecoin announced a $ 1 million reward for material information that will help recover stolen client funds
The developers of the stablecoin Origin Dollar (OUSD) have promised to pay $ 1 million to anyone who provides essential information that will help recover the stolen $ 7 million, the creators of the protocol reported on their official blog. In the event that valuable information will come from different sources, the developers promise to divide the payments in proportion to the degree of utility.
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As of this writing, the price of a stablecoin pegged to a basket of other stablecoins, including USDT, USDC and DAI, is $ 0.15.
The developers also contacted the hacker directly, admitting that they should first have conducted all the security audits of the protocol before launching the project. However, even audits do not guarantee protection against potential attacks. BeInCrypto’s editors previously reported that an attacker was able to hack smart contracts in Akropolis savings pools despite repeated audits..
The creators of Origin Dollar promised to stop searching for the attacker and any potential legal costs in case he returns all the stolen funds (11 800 ETH ~ $ 5.8 million).
We will remind, earlier the co-founder of Origin Protocol Matthew Liu published a post on the Medium platform, in which he confirmed the theft of several million dollars, including $ 1 million of funds invested by the founders and employees of the project. The attacker reportedly carried out a flash credit hacker attack where collateral is borrowed and paid off in a single transaction.
The members of the crypto community who studied the hacking provided details: having stolen 11,800 ETH, the attacker laundered the cryptocurrency through the tokenized bitcoin renBTC and brought it to the blockchain network of bitcoin. After the hack, the Origin Protocol developers removed the ability to deposit funds into the storage and advised users not to buy OUSD on decentralized exchangers like Uniswap or Sushiswap.
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A flash credit attack is far from new in the cryptocurrency market. Earlier, the editors of BeInCrypto reported that the DeFi group of specialists Decentralized Finance (DeFi) – this is financial services, built on blockchain technology, which offer users access to an open, efficient and … More service BProtocol attacked the MakerDAO protocol with a flash credit to manipulate project management voting results.
With this technique, enthusiasts have gained the majority to access the pricing oracle. MakerDAO stressed that BProtocol’s actions were not malicious, as the team immediately recognized the attack in order to find a flaw in the DeFi protocol..
how cybercriminals use cloud technologies for hacking exchanges – read the special material BeInCrypto.
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