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Origin Dollar (OUSD) Dips 85% after Origin Protocol Suffers $7M DeFi Attack

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As a precautionary measure, Origin protocol has disabled all deposits to its vaults and warned users not to purchase OUSD on Uniswap or SushiSwap.

Origin Protocol has reported a system compromise that resulted in a loss of $7 million of customers’ funds. According to the company, the attackers identified a vulnerable spot in the origin protocol thus enabled the hack of Origin Dollar (OUSD).

Apparently, the hackers made away with $1 million of funds deposited by the company, its founders and employees.

As a precautionary measure, Origin Protocol has disabled all deposits to its vaults and warned users not to purchase OUSD on Uniswap or SushiSwap. Primarily because the current prices of them do not reflect the underlying OUSD value.

Notably, as of the time of writing, OUSD had plummeted approximately 85% to trade around $0.150587 according to figures provided by CoinMarketCap. In addition, the origin protocol governance coin (OGN) has dipped approximately 13.6% to trade around $0.157761.

Updates on the Origin Protocol OUSD Attack

In a bid to recover the lost funds, origin protocol has said that it is closely working with different crypto exchanges and other third parties to identify the possible attackers and freeze the funds before they are liquidated.

“We have traced funds and know that the attacker used both Tornado Cash and renBTC to wash and move funds,” said Matthew Liu, co-founder of Origin Protocol, through a Medium blog post.

Notably, Liu highlighted that there are still 7,137 ETH and 2.249M DAI being held by one of the attackers in the wallet.

The attackers studied the origin protocol and identified a missing validation check in mint multiple to validate fake stablecoin under their control. The fake stablecoin that was named transferForm allowed the attackers to exploit the contract with a reentrancy attack in the middle of the mint.

According to the investigators, the hackers created a rebase event inside the second mint after the funds had been transferred to Origin Dollar (OUSD) from the first large mint. As a result, the hackers created a vast rebase for everyone in the contract and received a significant portion of the digital assets. Thereafter the hackers managed to cash-out most of the stablecoins through Origin dollar (OUSD).

Notably, part of the stablecoins in OUSD have already been liquidated through the SushiSwap and Uniswap for Tether.

As the company plans on the compensation package for the affected uses, it pleaded with the attackers to refund the stolen cash. Moreover, it has promised to hire the attackers as security consultants based on their exemplary skills only if they return the funds 100%. In addition, the company has indicated it will not pursue legal action against the attackers if they refund in full the cash.

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A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies.
Mythology is my mystery!
“You cannot enslave a mind that knows itself. That values itself. That understands itself.”



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Bitcoin Interest Soars as Wall Street Journal Discusses Its Adoption in Front Page

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According to the report, Grayscale had about $5.9 billion in assets under management. Interestingly, this has recorded a massive surge to over $10 billion.

Bitcoin is currently enjoying the rally of its life since the previous market bull run that saw it surge to near $20,000. Just in 2 months, the digital asset has gained about 80% value which saw it fall short of just 4% gain to equal its all-time high of $19,783 after reaching $18,965. Wall Street Journal accessed some of the possible causes for this unexpected Bitcoin bull run that has had a drop-down effect on almost all the leading altcoins.

According to the Wall Street Journal, there has been a demand from a new group of investors who seek to make huge profits from the high level of predictions and the recently announced adoptions.

Wall Street Journal noted that there has been high interest from both institutional and retail investors. Typical evidence is a surge in trading volume on the leading exchanges and Bitcoin platforms including Square Inc’s Cash App. In 2019, it was noted that customers purchased around $555 million on the platform. This has multiplied to $1.6 billion in the third quarter of 2020 according to the Wall Street Journal. Also, the price surge of Bitcoin has been linked to the recent addition of features on the PayPal Holdings Inc (NASDAQ: PYPL) platform that allows users to purchase Bitcoin directly from their account. 

Interestingly, this feature is currently available to US customers and would be made accessible to other countries by next year. This can even take the price higher. 

Impact of the Report by the Wall Street Journal of Bitcoin

The Wall Street report dug into the Bitcoin investment life of Grayscale Investments, a private hedge fund. According to the report, Grayscale had about $5.9 billion in assets under management. Interestingly, this has recorded a massive surge to over $10 billion. This has made them one of the main winners of the recent bull run. 

According to Dan Morehead, the CEO of Pantera Capital, two main factors have driven the Bitcoin price to the current height. The first factor is its known ability of hedging against inflation. The Central Bank has been said to push inflation forcing investors to consider Bitcoin. The report states that the fixed supply of Bitcoin was meant to make its inflation resistant. 

The other factor is the known mainstream online platforms that promote and facilitate cryptocurrency trading. These have been able to work hand in hand to cause investors to migrate to Bitcoin. 

Wall Street billionaire Paul Tudor Jones who earlier revealed to have put 1% to 2% of his worth into Bitcoin believes that Bitcoin is a good speculation. Another Wall Street billionaire Stanley Druckenmiller believes that Bitcoin is very similar to gold. However, Bitcoin would outperform gold because of its smaller size and volatility. 

The last time Bitcoin caught the attention of the mainstream media was around 2017 when it started making waves. Bitcoin price has been said to go even higher by next year due to its last halving event. However, it is still a very risky investment and largely driven by speculation rather than valuation. 

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Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.



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West Coast Aquaculture (WCA) Completes $3.65M IPO with Over 89% Raised via Tether (USDT)

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West Coast Aquaculture (WCA) stocks are now listed on the Sydney Stock Exchange under the SSX code 833.

As cryptocurrencies get globally accepted, an Australian-based West Coast Aquaculture (WCA) has announced that it successfully completed raising $3.65 million via IPO with over 89% through Tether (USDT). According to news outlet Coindesk, the WCA crypto IPO was facilitated by a fintech firm STAX. “The successful WCA capital raise and IPO, paves the way for the future of capital markets in Australia”, said STAX CEO Kenny Lee.

The use of digital assets to raise funds will significantly revolutionize global IPOs as more people who would have otherwise been locked out can now access with much ease.

“We are allowing access to a market which has been hard for overseas investors to get into, and it will only benefit Australian businesses longer term,” Lee explained.

West Coast Aquaculture (WCA) stocks are now listed on the Sydney Stock Exchange under the SSX code 833. According to the IPO files, WCA, which is an international fisheries company with an Asia Pacific presence, anticipates to use the funds to expand its business operations. Notably, the company indicated that it will focus more on its supply chain to ensure the future growth of its business.

“We are proud to be part of this historic moment in Australian investment history, said Neo Ching Hoe, CEO and founder of WCA. “We hope this bold initiative helps open the door to more global investment for local companies,” added he.

The Bigger Picture of WCA Crypto-Backed IPO

Companies in different sectors of the market are now understanding the fact that the use of the latest technologies including blockchain technology will put them ahead of their competitors. Blockchain technology has many uses that are bound to boom in the next few years, particularly in the cryptocurrency industry.

Despite the challenges involved with dealing with digital assets including possible scams and cyber attacks, they promise to revolutionize our financial system in a great way.

Notably, WCA crypto IPO has coincided with the ongoing crypto volatility that has seen most assets rally in the past few days. The increased volatility is an aspect that can bring unprecedented chaos during an IPO if not properly managed. However, thanks to the development of stablecoins, the volatility issue was completely eradicated.

The stablecoin industry, which has tremendously grown in the past few months has experienced a huge demand globally. According to the metrics provided by CoinGecko, the stablecoin industry has a market capitalization of $24,816,940,078 with its past 24-hour trading volume at $78,736,340,870. Notably, its past 24-hour trading volume is much higher than Ethereum and Bitcoin trading volumes.

This is a clear indication of the huge demand for stablecoins in the global market.

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A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies.
Mythology is my mystery!
“You cannot enslave a mind that knows itself. That values itself. That understands itself.”



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Bitcoin Price Hovering Close to $20K While XRP Shocks Crypto Market with 2-Year High

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Bitcoin and XRP are not the only currencies whose price has shown such performance. Other altcoins like Ethereum (ETH), Chainlink (LINK) are on a steady rise as well.

This week, Bitcoin (BTC) and XRP (XRP) are under the spotlight of crypto enthusiasts as the price of both currencies has shocked the community. While Bitcoin is on the way to break the $20k level, XRP has managed to soar by nearly 80% to hit $0.79, which is the highest since May 10, 2018.

Bitcoin Price to Reach $19,000

On November 24, the Bitcoin price has surpassed $19,000 for the first time in almost three years. And obviously, the top crypto is striving towards another milestone of $20k. This month so far, Bitcoin is about 40% up. Year-to-date, it is 160% up. Wall Street analysts are very optimistic about BTC’s future and believe it is standing good chances to surpass its all-time high record of $19,657.30 set on December 17, 2017.

According to the Wall Street Journal, there has been high interest from both institutional and retail investors. Therefore, Bitcoin is experiencing a bull run now. In addition, the Wall Street Journal bets on Bitcoin’s further growth in 2021.

Mati Greenspan, portfolio manager and founder of Quantum Economics, said:

“The main difference between now and the 2017 rally is that back then the market was driven by retail speculation and now it’s being driven by corporations and billionaires.”

At the moment of writing, Bitcoin is trading at $19,148 per coin. BTC market cap has totaled $355.2 billion.

XRP Soars as Airdrop Frenzy Builds

XRP is another coin that has shocked the crypto community with rapid growth. In 48 hours, it has surged by about 80%. Its 7-day growth has totaled 119%. Earlier today, the XRP price reached a high of $0.79, the highest level since May 10, 2018. Currently, XRP is trading at $0.67. Its market cap is $30.3 billion.

As analysts have explained, XRP’s jump results from the smart contract platform Flare Network’s airdrop of “spark” tokens to XRP holders. In particular, 45 billion spark tokens, based on a snapshot of XRP addresses, will be distributed on December 12. The initiative is supported by Ripple’s investment arm RippleX (formerly Xpring).

Jehan Chu, a managing partner at Hong Kong blockchain investment firm Kenetic Capital, stated:

“The impending airdrop is supercharging the XRP bull market and whipping mindshare of one of the largest crypto communities into a frenzy. With the imminent launch of Flare, a smart contract utility fork of XRP, the pair will attempt to challenge Ethereum’s dominance in decentralized finance and decentralized applications.”

Notably, Bitcoin and XRP are not the only currencies whose price has shown such performance. Other altcoins like Ethereum (ETH), Chainlink (LINK) are on a steady rise as well. ETH climbed a new high since June 2018 to $600 in the early hours of trading today, while LINK surged 740% in its year-to-date record.

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Daria is an economic student interested in the development of modern technologies. She is eager to know as much as possible about cryptos as she believes they can change our view on finance and the world in general.



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