untitled design

DeFi Origin started collecting claims for damages after hacking

The DeFi Origin protocol was hacked in November 2020, hackers stole $ 7.7 million worth of cryptocurrencies.The project management announced the collection of applications for reimbursement of user losses.

The developers plan to launch the Origin protocol again, but before that it is necessary to reimburse customers for hacking losses. There are more than 700 affected clients.

Clients will receive 100% compensation for losses in OUSD tokens. In addition, users who have lost more than $ 1,000 in the hack will receive OGN protocol control tokens. Tokens will be locked for a year, but they will participate in staking, their holders will receive up to 25% of annual income.

According to Origin co-founder Josh Fraser, the project hopes to “build trust” with users through the indemnity program. Fraser himself still hopes that Origin will be an opportunity for “any average person” to participate in the DeFi industry.

The statement also emphasizes that smart contracts have passed several security audits, and the team has worked for several months to ensure the security of the protocol. Users will be offered optional insurance for crypto assets involved in “profitable farming”.

“We study attacks thoroughly and learn from the mistakes of other projects. We can confirm that the Origin code is not affected by such vulnerabilities. Our main goal is to make OUSD safe and one of the most profitable options for participating in DeFi, ”the developers note.

The Origin protocol was launched at the end of September 2020, and in mid-November, hackers withdrew more than $ 7 million worth of cryptocurrencies from the project.The attackers used an attack using instant loans and were able to get $ 5.5 million in ETH and $ 2.2 in DAI.

Telegram channel!

You may also like

Most popular