Flash Loan Attack: Origin Protocol Unveils Compensation Plan that Excludes Fo...
The Origin Protocol team has unveiled a compensation plan for its depositors who were adversely affected by the flash loan attack in November. According to the team, there is now a plan to provide compensation equal to 100% of the value deposited to OUSD at the time of the exploit. Two Compensation Plans Still, the team clarifies that one’s OUSD holdings before and after the hack will be a key determinant of the compensation package they will receive. In an update issued via Medium, Micah Alcorn who is the Production Engineer at Origin Protocol says: Approximately two-thirds of....
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The OUSD stablecoin issuer, Origin Protocol is the latest Defi protocol to fall victim to a flash loan attack. The attack, which occurred in the early hours of Tuesday, on November 17, resulted in the disappearance of tokens worth millions of dollars. Confirming the attack, one of the project’s leaders say they are now working with exchanges in order to identify the attacker, as well as to freeze the tokens before they are liquidated. Funds Located The Origin Protocol attack follows a similar incident at Value Defi on November 14 where the criminals stole $6 million worth of tokens.....
Blockchain project Origin Dollar (OUSD) has sustained an oracle manipulation attack. The attacker used flash loans to grab $3.25 million.
Co-founder Josh Fraser said he hopes the compensation plan will help build trust among users as the project moves forward. Origin Protocol, a DeFi stablecoin project, will begin accepting claims from users who were affected by a $7 million exploit that occurred back in November 2020.According to a blog post from Origin on Jan. 20, the project announced it will be making good on a December promise to compensate more than 700 victims of a $7 million flash loan attack on the protocol’s Origin Dollar (OUSD).In addition, Origin users who lost more than 1,000 OUSD can make a second transaction....
A decentralized finance (defi) protocol that bragged about having flash loan attack prevention has been exploited for $6 million in DAI, in a flash loan attack. Value Defi, a yield aggregating protocol, boasted of having the “highest security” in a Nov. 13 tweet that now appears to have been deleted. The protocol claimed that its technology was capable of preventing flash loan attacks. Hardly a day later, hackers plundered Value Defi’s multi-stablecoin vault of a total of $8 million of the stablecoin DAI. The attacker returned $2 million to the protocol and pocketed $6....
Another Binance Smart Chain project has been hit with a flash loan attack according to a post mortem written by the Burgerswap team. The project’s official Twitter account said at around 3 a.m. on Friday, Burgerswap suffered from a flash loan attack with the hackers stealing $7.2 million in funds. Binance Smart Chain Defi Protocol Burgerswap Drained for $7.2M The Burgerswap project explained on Friday that the project saw $7.2 million in funds drained after a malicious flash loan attack. “At around 3 am on May 28th (UTC+8) Burgerswap on the BSC chain encountered a flash loan....