The stablecoin OUSD collapsed to zero …

The stablecoin OUSD collapsed to zero …

Yale’s Roach Warns of a Coming Crash in the U.S. Dollar

Contents

Stablecoin OUSD collapses to zero after hacker attack on Origin Dollar
CONTENT

  • Origin Dollar lost $ 7 million as a result of a hacker attack

  • Attackers used flash credit scheme again to attack Origin Dollar protocol

  • OUSD got rid of the dollar and fell to $ 0.11

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Hackers have hacked the Origin Dollar protocol, which is responsible for stablecoins. Stablecoins – literally translated from English “stable” coins – continue to gain popularity in the digital asset market. With … More OUSD; the team recognized a loss of $ 7 million

In September of this year, the Origin Protocol project launched a stablecoin called OUSD. The coin holders were promised earnings without investing large sums as collateral. OUSD value has been pegged to a basket of other stablecoins, including USDT, USDC and DAI.

The stablecoin OUSD collapsed to zero ...

Early on Tuesday morning, November 17, the project team reported that the protocol had been hacked and the money had been stolen..

Unfortunately OUSD was hacked 2 hours ago and there has been a loss of funds. The @OriginProtocol team is all-hands on deck working on resolving this issue. Please do not buy or mint OUSD right now. New updates will be coming every few minutes.https: //t.co/D4qTwvnYoM

– Matthew Liu (@matthewliu) November 17, 2020

$ 7 million was withdrawn from OUSD

Origin Protocol co-founder Matthew Liu published a post on the Medium platform in which he confirmed the theft of $ 7 million, including $ 1 million in funds invested by the founders and employees of the project.

The hacker attack was organized according to the flash credit scheme, when collateral is borrowed and paid in one transaction.

Members of the crypto community who studied the hack provided details: the attacker stole 11,800 ETH worth $ 5.5 million. Then he laundered them through renBTC and transferred them to Bitcoin.

The stablecoin OUSD collapsed to zero ...

Origin Dollars’ $ OUSD got exploited for $ 5.5M in ETH, around 11,800 ETH AND $ 2.2M in DAI

Attack: https://t.co/opyaZY2hjs

Attacker’s Address: https: //t.co/fkaUqphEqx

Share, stay vigilant pic.twitter.com/xHIdP1Md63

– Krisma (@ KRMA_0) November 17, 2020

DeFi Researcher Decentralized Finance (DeFi) is a financial service built on blockchain technology that offers users access to an open, efficient and … More, Chris Blec wondered why the Ren Protocol did nothing to stop hackers use its network to move stolen funds;

“Given that @renprotocol is still centralized, it is not clear why they tolerate this kind of scam and not blacklist hackers.”.

The Origin Protocol disabled the ability to deposit funds into the vault and advised users not to buy OUSD on Uniswap or Sushiswap, as current prices do not reflect the value of the underlying assets.

As of this writing, OUSD is selling for less than $ 0.001. Stablecoin untied a basket of currencies and went into a steep dive.

Origin Dollar (OUSD) Uniswap Chart

Liu apologized to investors, adding that the team is working tirelessly to understand how things happened;

“We’re not running anywhere. This is not an exit scam or an attempt to hit the jackpot. Despite this setback, we intend to make OUSD a safe, reliable and successful product, which is built on the general principles of development of Origin in the field of P2P commerce “.

Credit horror

The incident underscores the dangers of flash loans, which have already become a doom for the DeFi industry this year. This is the latest in a series of hacker attacks that happened in a short time. Many protocols have already been affected by attackers, including Harvest Finance and Akropolis. Most likely, the list of victims will continue to grow.

Earlier this year, hackers stole $ 1 million from the bZx protocol. And also projects such as dForce, Bancor, Balancer and Opyn lost money

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