After Kucoin Hackers on OUSD...

[mianvicky1]

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.

[kindbtc]

This is really bad as investors were following and investing with origin protocol's team with confidence especially their new yield generating ousd.
From the news it seems like someone had access to their vault who drained it so my opinion is it is either someone from the team or an employee that can do this because it is very hard almost impossible for someone else to decode the vault.

[mianvicky1]

it so my opinion is it is either someone from the team or an employee that can do this because it is very hard almost impossible for someone else to decode the vault.

You are right
This is an act of home burglary.
Otherwise no one can access.

[Princejebs]

Recently, DeFi space is very risky to lock funds. There has been many attempts of stolen funds from Harvest, Akropolis, Value and CheeseBank. Now origin protocol, who knows the next project they might exploit.
Origin protocol has really suffered with this unfortunate Hackers attempt to kill their project. First, it was kucoin attempt that led the team to swap the tokens and now another stable coin brouhaha.
It's so sad that a token that was pegged to be $1 is now trading at $0.15 on Uniswap, I hope they don't get to spend it.

[noorman0]

I have never heard of OUSD, but what does it have to do with KuCoin? I have read the article that you mean here https://medium.com/originprotocol/urgent-ousd-has-hacked-and-there-has-been-a-loss-of-funds-7b8c4a7d534c

I think you are categorizing it wrong, the type of hacking between these 2 platforms is completely different. KuCoin was hacked because of a hot wallet private key leak, whereas in this case, the hacker found a bug in the platform system so that it was attacked. This case is the same as what happened to Akropolis and HarvestFinance

[aemma]

A good number of these DeFi platforms are just showing that most team have a lot of work to do, what surprises me is that, most of these hacks are targeted towards Defi projects; does it mean they are weak or what. If the team of a project fails to secure their project, then that project is as good as dead, because in one sweep or hack, the project might end up losing a whole lot and even if it doesn't, hackers might still find another vulnerable point. Before now, I used to see most projects launching bug bounty, so as to test their platform for any loopholes, while I hardly see that in most DeFi projects (I stand to be corrected though).
I think it is right time and very important that project team starts taking the security of their project serious because without good security, investors will lose interest and that will result to the death of that project

[ryzaadit]

-snip-

If the developer can remote luckily, that's would make some weird thinking to all community they can block a fund. Everyone will not really happy and don't want to meet that experience, USDT also can block your fund.

That's was really scare to use.

[bttmember]

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.

Looks like it has become easier to hack and steal funds from defis now than to do real work and business to make any decent money.
If these scammers, hackers and thieves are not stopped it will really hurt the crypto and defi adoption as people will not be confident putting their money in these platforms.

[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.

[articlecity]

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.

They should have completed their investigations and tracked down the hacker by now. If they think they do not have such capabilities they can get help from other projects that have successfully tracked the hacker and returned the funds in the past. One such recent example is kucoin so ousd can ask for help to them and im sure they will be glad to help them.

[dr.cheema]

Really sad to see that how hackers attack on any exchange and stole funds of users and exchange funds.
I also hear that liquid exchange also hacked and according to news hackers attack on liquid data gallery and they are still investigating.
Liquid exchange also tweeted about it and send security notice to users.

[abel1337]

It seems that DeFi projects today are the hacker's target, There are many incidents of hacking happening lately and the common victims are Defi projects. By just searching "defi hacks" on google shows too many DeFi hacks and some of it just recently happened. There is a chance that these hacks are an insider job but I think an organization of hackers made these hacks possible. With the continued increasing hacks on the DeFi platform, This could lessen or kill the trend in the market.

[Jating]

I have this thread that covers the OUSD: Another Defi Hack: Origin Dollar Loses $7 million.

Kucoin is different though, it is an exchange and not about Defi. If you wanted to see, DeFi hacks [history] by zazad@.

The thing with this Defi is that there are a lot of loopholes and exploits that the hackers can go after because the code is simply weak, programmers never test it, third party can't find a bug until it's too late.

So lessons here is that everyone should be very careful, once they they hack, your money is gone and I don't think the project can cover it or at least 50% of the money lost is insured.

[pedrillo0]

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 ...

[lionheart78]

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 another sad story on the cryptocurrency industry.  Now I got an impression that many exchanges rush things up just to create a platform that will cater them profit.  As a proof, the left their security somehow not that tight, enabling a hacker to access and drain their stash of millions of USD.  They should think multiple times and plan really hard on the security if they wanted to implement financial services or services that deals with assets or staff that costs millions of dollars.  They must not implement things half done to avoid this kind of scenario.

[inoes]

Actually there have been many cases This exploits DeFi, hopefully this will be the last.
About OUSD, They take advantage of instant loans because the transaction takes place at the root of the attack. collateral is borrowed and repaid in the same transaction. As a result of this Incident, we can assess the range of how dangerous a flash loan is to the DeFi sector.

[Baofeng]

Actually there have been many cases This exploits DeFi, hopefully this will be the last.

Nope, I don't think so, and I would say that this is just the beginning and could ramp up the attacks in the next coming months if Defi projects won't be strict on the codes that they release to the public.

About OUSD, They take advantage of instant loans because the transaction takes place at the root of the attack. collateral is borrowed and repaid in the same transaction. As a result of this Incident, we can assess the range of how dangerous a flash loan is to the DeFi sector.

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.

[TimeTeller]

it so my opinion is it is either someone from the team or an employee that can do this because it is very hard almost impossible for someone else to decode the vault.

You are right
This is an act of home burglary.
Otherwise no one can access.

High probability that it is inside job. However, I don't think the team will be transparent with the situation if they found out that it came from their team themselves.

Actually there have been many cases This exploits DeFi, hopefully this will be the last.

Nope, I don't think so, and I would say that this is just the beginning and could ramp up the attacks in the next coming months if Defi projects won't be strict on the codes that they release to the public.

About OUSD, They take advantage of instant loans because the transaction takes place at the root of the attack. collateral is borrowed and repaid in the same transaction. As a result of this Incident, we can assess the range of how dangerous a flash loan is to the DeFi sector.

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.

As DeFi hype is not yet over, we will be seeing more similar cases of DeFi issues here, maybe not hacking but bankruptcy or stakeholder running away with funds.
Also, if flash loans are quite dangerous to DeFi platform, then they should do something about it to prevent this from happening.

[yazher]

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?

[maxreish]

What will be the team's way to resolve this issue? I mean, if other hacked companies before compensated the loss, will they do the same? Let's admit that many defi projects were being attacked by hackers lately. Defi system is still weak, let's admit that and they are still at their testing stage and are vulnerable to this kind of act--hacks.

Look at this insane graph;

According to Uniswap data, users performed over 1000 transactions within the last 24 hours, which is over 4000% higher than the average figures. Moreover, OUSD liquidity and the price dropped to zero.

I wonder how can this coin will survive and revive, too. It is down 90% caused by this hacked issue.