Wednesday, December 2, 2020

Yield-generating stablecoin project Origin Dollar exploited for $7M

Must Read

Price analysis 12/2: BTC, ETH, XRP, LTC, BCH, LINK, DOT, ADA, BNB, XLM

Bitcoin (BTC) price hit a new all-time high above $19,892 on Dec. 1. This is a significant event because it proves that the rally...

Multi-utility tokens to enable Web 3.0 by providing more than financial value

Cryptocurrencies are commonly known for being a store of value, but as the blockchain space continues to mature, utility tokens are being created that extend...

Bitcoin Will Be The World Reserve Currency

NEW CHANNEL: https://www.youtube.com/channel/UCH9HlTrjyLmLRS0iE1P4rrg I also play video games! https://www.youtube.com/channel/UCvXjP6h0_4CSBPVgHqfO-UA ------------------------------------------ Rich Dad Poor Dad: https://amzn.to/3cKJ4Ia Computer I Use To Record: https://amzn.to/2V2F3bn Headphones I Use: https://amzn.to/3ccAUrf Chair I use: https://amzn.to/2XpUmg5 My Desk: https://amzn.to/3ei7mtZ I love this Mic: https://amzn.to/2yUElV9 ---------------------------------------------------------------------------- Support Me On Patreon! https://www.patreon.com/TheModernInvestor ---------------------------------------------------------------------------- Protect...

PayPal CEO calls on crypto industry to work hand in hand with regulators

There is no other way for the cryptocurrency industry to thrive without working hand in hand with regulators, PayPal CEO Dan Schulman believes.On Dec....

Origin Dollar (OUSD), the yield-generating stable token launched by Origin Protocol in late-September, has been hacked to the tune of $7 million.

On Nov. 17, Origin Protocol founder Matthew Liu announced the stablecoin had been hacked, noting that $1 million of the $7 million in lost funds including DAI and Ether had been deposited by Origin’s founders, employees, and the company itself.

The team currently does not know the exact nature of how the exploit was carried out, however they noted a flash-loan transaction that appears to be “the root of the attack.” The transaction cost nearly 0.54 Ether to complete.

“The team is all-hands on deck attempting to figure out what vulnerability was exploited and how the hacker was able to access users’ deposits. Expect an updated post within an hour.”

In response to the attack, deposits to the OUSD vault have been disabled, and traders have been advised not to purchase the token:

”Please do not buy OUSD on Uniswap or Sushiswap as the current prices do not reflect OUSD’s underlying assets. This is a quickly moving process, and our entire team has been mobilized to tackle the crisis.”

Leu added that the team has no intention of “going away,” emphasizing that the events do not comprise “a rug pull or internal scam.”

According to CoinGecko, OUSD is currently trading for less than $0.10 on Uniswap.

According to crypto venture firm Hex Capital’s Nick Chong, the hacker is currently washing the stolen funds using Bitcoin tokenization protocol RenBTC.

Chong also noted Origin’s breach is the fifth major flash loan attack to hit DeFi in the past three weeks, following attacks targeting Harvest, Akropolis, Value, and CheeseBank.