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.
Users affected by the $7M Origin Protocol exploit back in November have 90 days to claim compensation in the form of OUSD or staking OGN https://t.co/4HzW8DT1kz — Cointelegraph (@Cointelegraph) January 20, 2021
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.”