Origin Protocol begins accepting compensation claims following $7M exploit
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....
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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....
Traders and developers are trending towards greater DeFi depositor protections in unison On Friday, decentralized finance (DeFi) stablecoin project Origin Finance announced a plan to compensate users affected by a $7 million November exploit — part of a wider trend from developers, users, and traders that has seen actors across the DeFi space more widely embrace insurance products and other exploit backstops. On November 17th, Origin Dollar announced that its yield-bearing stablecoin project had been the victim of a $7 million flash loan attack. While the attack is just another instance of....
Cover Protocol will distribute new "coins" to token holders as Binance announces compensation for affected traders. Peer-to-peer coverage market Cover Protocol has published a compensation plan for token holders and liquidity providers affected by the recent hack. As part of the process, the Cover Protocol team took a snapshot at block height 11541218, the last transaction block before the exploit began.Eligible liquidity providers on Uniswap, SushiSwap, and Balancer will receive new COVER tokens based on their share of the liquidity pool on those platforms. Liquidity providers on the....
Origin Protocol has announced its yield-generating stablecoin protocol, OUSD, has been hacked and drained of at least $7 million 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....
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.....