The crypto-verse has been home to an array of hacks. Origin Protocol, prominent decentralized finance aka DeFi project had recently undergone a major attack that caused the loss of over $7 million. While the network had previously affirmed that it would compensate those who have lost their funds, it recently shed light on the same.
Origin Protocol Hopes To Compensate Over 700 Victims
The value of the crypto market seems to be its glimmering quotient. With people flocking into the industry, it is extremely to differentiate between those who want to invest as opposed to those who are trying to bag easy money by hacking into projects. Hacks or attacks isn’t news to the crypto community. However, the loss that they suffer from is hard-hitting. Origin Protocol had undergone a flash loan attack back in November 2020. This caused immense unrest in the community as the network lost funds worth $7 million. About $1 million of this was reportedly placed by its employees as well as founders.
Post this attack, the network promised its users compensation. While the network is preparing for a relaunch, the recent blog post by the platform revealed the procedure of claiming lost funds. Users/ victims of the attack were required to use the OUSD DApp and submit either one or two Ethereum transactions. These claims ranged from a whopping 38K OUSD to a low of 10 OUSD. The compensation plea is required to be done before 20 April 2021.
With its relaunch, the platform hopes to spruce up its security. The post read,
“We recently completed multiple audits of our smart contracts with Trail of Bits and Solidified. We’re also implementing formal verification with Certora and engaging OpenZeppelin to conduct ongoing reviews of improvements that we make to the protocol. Every aspect of our engineering and product development process has been overhauled with a security-first approach ranging from automated tooling and stricter code reviews to a bug bounty program and an optional insurance offering.”
Yield farming was a big hit this year. As the popularity of yield farming is being driven by the people venturing into it, Origin Protocol will lay its focus on yield farming.