Ocean Protocol Hard Fork Freezes Funds From KuCoin Hack


Synthetic intelligence and knowledge service Ocean Protocol has suspended its outdated contract on the Ethereum blockchain and hard-forked its venture, following the $150 million KuCoin hack.

On Sunday at 22:00 UTC, Ocean Protocol introduced it had migrated from its outdated token deal with to a brand new one to thwart the KuCoin hacker’s makes an attempt to dump 21 million OCEAN tokens price some $eight.6 million. In accordance with a Sept. 27 weblog publish from the Ocean Protocol staff:

“At 1600 GMT, a brand new contract was instantiated reflecting the balances of OCEAN as of block peak 10943665 on the Ethereum mainnet. The brand new sensible contract will allocate stolen token balances to an deal with which will probably be held in belief in Singapore for individuals affected by the theft.”

Transferring contract addresses has successfully blacklisted the hacker’s stash of OCEAN tokens. However it additionally raises questions of the venture’s true immutability if the protocol may be successfully hard-forked in a single weekend.

Previous to the exhausting fork, the hacker offloaded some 330,000 OCEAN tokens price $120,000, based on The Block head of analysis Larry Cermak. Ocean Protocol has a liquid provide of 587,622,921 OCEAN tokens with a most provide of 1.four billion OCEAN.

Singapore-based Kucoin was hacked Friday starting at 19:05 UTC. The hacker gained entry to the platform’s sizzling pockets keys, mentioned KuCoin CEO Johnny Lyu in a weekend livestream.

Lyu mentioned the platform intends to cowl for hacked losses with insurance coverage funds.

OCEAN’s value fell as a lot as eight% from $zero.399 per token to $zero.365 because the hacker offered the stolen tokens in tranches of 10,000 cash, based on CoinGecko. She or he then moved onto different holdings together with COMP, SNX and LINK after the contract was paused.

The hacker swapped stolen ERC-20 tokens for ether (ETH), the native forex of the Ethereum blockchain. These swaps have largely been facilitated by Uniswap, a preferred decentralized alternate (DEX) on account of a novel liquidity mannequin that reduces value slippage.

The Ocean Protocol staff didn’t return questions for remark by press time.

Source link Coin Desk


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