After Kucoin Hackers on OUSD...

[FinneysTrueVision]

This has become such a common issue that it is not even considered big news anytime that a DeFi protocol gets exploited. DeFi is not ready for mainstream adoption and I am not sure if it will ever be. There are too many security concerns for people to be trusting them with investments worth millions of dollars.

[desfira]

indeed, it is a concern for all of us to be more careful in storing assets, only large exchanges that have multiple layers of security can be stolen, so we don't store large assets in the exchange

[bittick]

This is just bad, so many hacked at short amount of time clearly show that our community lacking in security. What we're dealing is not some measly data here but real money. These company really need to take security seriously. I mean, it's the risk of project that invovles real money within the system, always being targeted by the hackers.

This has been called upon how dangerous it is and we are seeing the bad effects of this flash loans as hackers can quickly drain it before the dev themselves know what's really happening. And the thing is that they come up to the public and ask the hackers to return a portion? not gonna happen.

I thought like that, how can hackers return the money they stole, from the existing cases they run away without a trace, maybe the only way is to freeze the money that has been stolen like USDT, otherwise it will harm many people and whether they replace the money missing?

Believe it or not if the hacking exposed like this most of exchanges would be alerted and immediately freeze if the hackers happen to deposit their money into some exchange. Maybe ineffective but not entirely futile attempt by the developers.

[judaspriest]

indeed, it is a concern for all of us to be more careful in storing assets, only large exchanges that have multiple layers of security can be stolen, so we don't store large assets in the exchange

storing assets on the exchange has a big risk,
even if you store them on top exchanges like Binance or Huobi,
maybe coinbase I guarantee there will be a hacker case that will happen later,
I hope you can keep your assets in your private wallet.

[DU18]

indeed, it is a concern for all of us to be more careful in storing assets, only large exchanges that have multiple layers of security can be stolen, so we don't store large assets in the exchange

storing assets on the exchange has a big risk,
even if you store them on top exchanges like Binance or Huobi,
maybe coinbase I guarantee there will be a hacker case that will happen later,
I hope you can keep your assets in your private wallet.

Now the top market is a one of the targets for hackers to be able to steal and until now there has not been a single exchanger that has a strong defense to secure their platform from hackers, as far as I remember, it is the 8th exchanger that has been hacked in recent years. And as far as I am at the end of 2019, Upbit became a victim of hacking, and they suffered a loss of nearly $49 million at that time. Of course, with the increasing number of hacks that occur, it must be a lesson for us to be even more careful about securing the assets that we have and heed some existing suggestions, it is better to store assets in personal wallets than to save them in wallet exchanges.

[asriloni]

Very Sad news about OUsd. Origin protocol confirms attack on OUSD vault.
Methew liu co founder of origin protocol confirms attack on OUSD vault. Origin Protocol has announced its yield-generating stablecoin protocol, OUSD, has been hacked and drained of at least $7 million. On monday 16 nov he confirmed that A attack on OUSD vault. Team is finding the damage and finding how hackers gain access to it.

Bad news not just for the headlines!

For the world of cryptocurrencies!

But that's right, it's about improving new technologies with these flaws ...

It's only for defi ecosystem and it's not for cryptocurrencies as this is happening so many times. The hackers known it so well which a part from the platform is vulnerable to be attacked.
The flash loan has been getting used by the hackers to stole the amount from the platform.

It looks like the majority of defi platforms are not solving the problem on their flash loan features.

[bhadz]

Just found it when I've read this thread. I haven't heard it before but yes, it's on the news a few days ago.
https://cointelegraph.com/news/yield-generating-stablecoin-project-origin-dollar-exploited-for-7m
https://www.fxstreet.com/cryptocurrencies/news/ousd-loses-peg-drops-to-zero-following-a-hack-attack-on-original-dollar-protocol-202011170716
And this Original Dollar (OUSD) has dropped to $0.15. What's with the drop? not normal for a stable coin to drop that much but because of the hack, it did dropped.

I never heard such news in my entire career in the crypto industry where legit stable coins have dropped to the bottom. it is stable coins, how is it possible to drop that deep? I think with this kind of situation their project is done right? I mean, what kind of investors will still invest in that kind of stable coin where its price is not the same anymore?

IIRC, there was/were stable coin/s that have dropped its rate. I can't remember the name of that coin but, I'm sure that there's one in the past.
Yes, this project is done unless the developers of it would like to retrieve and rebuild it. It dropped its stable price because they have no more cash or the cash in their vault backing up this coin became lesser.

[masterrex]

Very Sad news about OUsd. Origin protocol confirms attack on OUSD vault.
Methew liu co founder of origin protocol confirms attack on OUSD vault. Origin Protocol has announced its yield-generating stablecoin protocol, OUSD, has been hacked and drained of at least $7 million. On monday 16 nov he confirmed that A attack on OUSD vault. Team is finding the damage and finding how hackers gain access to it.

This is bad news, to the industry as well! I think every platform should consider checking its security features now so that these hacking incidents will stop or maybe the risk will minimize. IMO, because of these incidents, many investors are already doubting the safety of its funds and investment because every platform is considered a target by these hackers.  

[koang]

Defi boom ultimately attracted criminal hackers to Defi...

Defi is indeed very transparent, but there are many problems with the Defi project, hackers easily break into it making rekt investors who invest and everything that has happened to Defi also begins to fade at this time.
Now origin protocol, who's next..