Exchanges

Ocean Protocol hardforks and prevents the exchange of stolen KuCoin tokens

Ocean Protocol suspended an old smart contract on Ethereum and hardforked its blockchain to prevent KuCoin hackers from exchanging stolen OCEANs.

On September 28, at 1:00 am ET, Ocean Protocol announced the suspension of the old smart contract and the transition to a new one to prevent hackers who hacked KuCoin from exchanging 21 million OCEAN tokens worth about $ 8.6 million. The Ocean Protocol team said :

“At 16:00 GMT, a new contract was created reflecting the balance of OCEAN as at block 10943665 on the Ethereum mainnet. The new smart contract will distribute the remaining stolen tokens to a trusted address in Singapore for those affected by theft. “

Changing the address of the smart contract actually blacklisted those stolen by hackers OCEAN. However, community members are also concerned that the project team implemented the hard fork so quickly, as this raises the issue of protocol immutability.

As noted Head of research The Block Larry Cermak (Larry Cermak), to hardforka hacker had exchanged about 330,000 tokens OCEAN cost of about $ 120 000. Ocean Protocol has a liquid supply 587 622 921 OCEAN, while the total supply is $ 1.4 tokens.

According to CoinGecko , the price of OCEAN dropped 8% from $ 0.399 to $ 0.365 when the hacker sold the stolen cryptoassets in batches of 10,000 tokens. After the Ocean Protocol smart contract was suspended, attackers began exchanging other crypto assets, including COMP, SNX, and LINK.

The hacker exchanged the stolen ERC-20 tokens for ETH. Most of the swaps have occurred on the Uniswap decentralized exchange due to its new liquidity model that reduces price slippage.

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