Ocean Protocol Forks to Retrieve Tokens Stolen From KuCoin Exchange
Man made intelligence and info service Ocean Protocol has suspended its ancient contract on the Ethereum blockchain and laborious-forked its venture, following the $150 million KuCoin hack.
On Sunday at 22: 00 UTC, Ocean Protocol introduced it had migrated from its ancient token address to a contemporary one to thwart the KuCoin hacker’s makes an try to dump 21 million OCEAN tokens price some $8.6 million. Based mostly on a Sept. 27 blog post from the Ocean Protocol crew:
“At 1600 GMT, a contemporary contract used to be instantiated reflecting the balances of OCEAN as of block height 10943665 on the Ethereum mainnet. The contemporary natty contract will allocate stolen token balances to an address that also will be held in have confidence in Singapore for persons tormented by the theft.”
Shifting contract addresses has successfully blacklisted the hacker’s stash of OCEAN tokens. However it additionally raises questions of the venture’s correct immutability if the protocol can even be successfully laborious-forked in a single weekend.
Earlier than the laborious fork, the hacker offloaded some 330,000 OCEAN tokens price $120,000, in step with The Block head of research Larry Cermak. Ocean Protocol has a liquid offer of 587,622,921 OCEAN tokens with a most offer of 1.4 billion OCEAN.
Singapore-based totally Kucoin used to be hacked Friday beginning at 19: 05 UTC. The hacker gained catch entry to to the platform’s hot pockets keys, mentioned KuCoin CEO Johnny Lyu in a weekend livestream.
Lyu mentioned the platform intends to quilt for hacked losses with insurance funds.
OCEAN’s tag fell as indispensable as 8% from $0.399 per token to $0.365 as the hacker sold the stolen tokens in tranches of 10,000 coins, in step with CoinGecko. She or he then moved onto other holdings alongside with COMP, SNX and LINK after the contract used to be paused.
The hacker swapped stolen ERC-20 tokens for ether (ETH), the native forex of the Ethereum blockchain. These swaps accumulate largely been facilitated by Uniswap, a preferred decentralized exchange (DEX) attributable to a novel liquidity model that reduces tag slippage.
The Ocean Protocol crew did no longer return questions for teach by press time.