Origin Protocol Accepting Claims from Users Affected by $7M Exploit
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Origin Protocol Accepting Claims from Users Affected by $7M Exploit

January 21, 2021      Vandana Malik

Origin Protocol is now accepting the claims from the users who were the victim of a $7 million exploit. The protocol was exploited by hackers in November 2020, and the users lost a huge amount of their funds. On January 20, 2020, the protocol has announced that they will be compensating the victims of the flash loan attack that took place on the Origin Dollar (OUSD). 

Origin protocol has also announced that all the users who lost more than 1000 OUSD in the attack will be able to claim and stake OGN. 

Origin Protocol Hoping to Build Trust Among Users

Josh Fraser, the co-founder of Origin Protocol, has said that the firm is hoping to build trust among the users of the platform. He hopes that people will still use OUSD to participate in the DeFi sector. 

It has been revealed that the funds will be locked for 365 days for all the users who choose to stake OGN. These users will receive additional OGN as interest over their locked funds. The blog post has further stated that the firm has recently completed multiple audits of its smart contracts. Along with this, it is also planning to offer optional insurance coverage to the users for yield farming. 

Making OUSD The Safest Way to Earn Yields

Original Protocol has promised that the users will not have to face this type of attack again. It has been mentioned in the blog post that:

“We’re thoroughly reviewing and learning from other exploits in the industry and confirming that our code is not subject to the same vulnerabilities.”

The protocol has also said that they are hoping to make OUSD the safest way to earn yields on DeFi. With the growing popularity of the DeFi sector, these types of attacks are getting quite common as they are also increasing along with the growth of the sector. 

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#$7M Exploit #Josh Fraser #Origin Protocol #OUSD #Stake OGN
Vandana Malik
Vandana Malik

Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.