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Origin Protocol the hacked DeFi put $1M in bounty to identify the criminals

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Avatar for alberdioni8406
Written by   428
2 days ago

The late hacked smart Defi Origin protocol is conducting a bounty to help recover the stolen funds, the reward will split $1M in assets if someone could give them leads to identify positively the criminals who caused victims to lose more than $7M in Origin stablecoin OUSD. The hacking occured earlier this week which funds from various customers getting stolen from the protocol.

This is an attempt from the Origin Protocol to recover this funds and refund the victims who suffered this hack, as the protocol says in their announcement on their blog, any information that could lead to the attackers will be highly appreciated by the team and if solid rewarded. This bounty is also directed to the attackers who, accordingly to the announce, could return the $6M stolen on the Origin Protocol and keep the remaining $1M and with that avoid to face legal charges as can be seen on the thread:

“Remember that you are taking from those that have less,” reads the post. “If you examine the wallet addresses that held OUSD, you will realize that many of our users are not degens or whales… Keep Origin’s funds, but don’t punish our users, many of whom were new to crypto.”

This isn't the first time a company put a bounty to gather information regarding the hackers or persuade the same criminals to return the stolen funds, with the example of Bitfinex exchange who also putted some money trying to appeal to the "good faith" of the criminals, but until now they didn't heard them and kept the money from them.

The Origin Protocol, after the incident lost value, and their backed stablecoin lost in the day of hack half of the price, in subsequent day lost more than 30% again and now have been trying above 0.14 cents for a coin who supposed to worth $1. The team alerted the customers to stop trading the asset when they released the post-mortem and since Tuesday it registered zero volume from the OUSD asset.

On November 14, 2020 Value DeFi also was hacked and lost $6M in customers funds, the hacker even played with the community and returned $95,000 for two members who begged to him, luckily this two got some assets back, one took $50,000 and another $45,000. Well at least the hackers returned those $95k and kept the rest for him.

Here are some other DeFi (decentralized finances) who suffered hacks in the past days:

Many smart protocols are vulnerable to hack and many cyber criminals use the flash loans to attack them, and with many companies adventuring in the field without doing proper audit are very risky to get compromised and customers funds flashed. Of course Origin Protocol what to get back the clients funds but won't be easy to recover them, with most of this criminals using mixer services to exchange and launder the stolen assets, it's nearly impossible to recover them the only chance is if they know the attackers, like happened with Kucoin recovering more than 84% of the stolen funds in about $234M worth in assets.

Nowadays cyber criminals are becoming more sophisticated and well prepared to break any barrier whom protect exchanges and smart protocols to steal assets from them, it's crucial to combat this behavior as they are the enemy of crypto space and people could lose faith on it due this constant incidents, the more the market evolve also the criminals are evolving and becoming extremely dangerous to the future of cryptocurrencies in the world.

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Avatar for alberdioni8406
Written by   428
2 days ago
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Comments

Here are some other DeFi (decentralized finances) who suffered hacks in the past days:

The list terrifies me. We should not be suffering from hacks anymore :I However, audited contracts will make the actions more secure as for me ^^

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2 days ago

This is also a situation that trouble me, with this quantities of hack seems that DeFi protocols aren't prepared for this challenge still a lot to do in the field.

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2 days ago

A wonderful article

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2 days ago