Origin Protocol To Begin Accepting Claims From Users Who Were Affected By $7 Million Exploit Occurred In 2020
Origin Protocol To Begin Accepting Claims From Users Who Were Affected By $7 Million Exploit Occurred In 2020
January 21, 2021
Origin Protocol To Begin Accepting Claims From Users Who Were Affected By $7 Million Exploit Occurred In 2020
Origin Protocol To Begin Accepting Claims From Users Who Were Affected By $7 Million Exploit Occurred In 2020
January 21, 2021

Report said that 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.

It has been reported that the project announced that 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).

However, Origin users who lost more than 1,000 OUSD can make a second transaction “to claim and stake OGN,” the protocol’s governance token. Though users who stake OGN will have their funds locked for the next 365 days, they can reportedly expect to receive “interest in the form of additional OGN” at a rate of 25%.

Josh Fraser, the co-founder of Origin Protocol, said that the project hopes “to build trust” among many of the platform’s users by offering this compensation. The Origin exec said he still expects OUSD will become a way for the “average person to participate in DeFi.” As part of its efforts to prevent similar flash loan attacks, Origin stated it had overhauled “every aspect” of its engineering and product development process to focus on security.

ALSO READ :  Ethereum Classic Hit By Another 51% Attack, Causes More Than 7,000 Blocks

The project had recently completed multiple audits of Origin’s smart contracts and planned to offer users optional insurance coverage for yield farming.

Thus, the post stated:

“We’re thoroughly reviewing and learning from other exploits in the industry and confirming that our code is not subject to the same vulnerabilities. Our top priority is to make OUSD the safest way to earn highly competitive yields from DeFi.”

Source: Cointelegraph


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

MicroStrategy Hits Another $10 Million Purchase

MicroStrategy Hits Another $10 Million Purchase

MicroStrategy has hit another $10 million purchase after March 4 (Thursday’s) market uncertainty. It has been reported that Michael Saylor, the CEO of MicroStrategy, said that the company purchased another 205 BTC at...

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.