• Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics
Subscribe
  • Login
  • Register
No Result
View All Result
  • Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics
No Result
View All Result
No Result
View All Result

Decentralized Ethereum Dapp Ocean Pauses Contract After Kucoin Hack

27/09/2020 10:55
No comments
Ocean freezes contract, Sep 2020

An ethereum dapp that describes itself as “the decentralized Ocean data sharing network” turns out to not be very decentralized.

“On Sep 25/26, over $150M worth of tokens were stolen from KuCoin exchange, and as part of the theft, over 21M Ocean, worth over $8.6M, were taken,” they say, further adding:

“Since yesterday, we have been working to find a solution and ongoingly consulting with KuCoin.

As a first action to protect Ocean token holders, we have paused the OCEAN contract. We will update the community with more information in the coming hours.”

The hot wallet of the Asian exchange Kucoin was hacked in still unclear circumstances. Following it, Tether froze some $20 million USDt residing in the hacker’s known address.

Online commentary wondered why the hackers had not shifted through Uniswap. That’s what they did, selling chunks of 10,000 Ocean tokens on Uniswap.

That reduced the price by about 10% even though it was just 200,000 tokens out of some 20 million. So the project has now taken the unprecedented step of just freezing the contract.

The problem is there’s significant liquidity in the Uniswap market, much of it from ordinary users, with it unclear what happens to them now as the token has been frozen.

Uniswap as you might know is all on the blockchain, so the hacker can exchange assets, but all can see what he is doing and where these assets are going.

Presumably however his aim for now is to not be frozen out rather than to cash out undetected.

His address shows he has some Ampleforth, a bit of Synthetix, a small amount of Compound, as well as many other obscure tokens and twitter bannable tokens.

He might try and turn these into eth which doesn’t have a backdoor like this Ocean contract, but still can freeze his address if the entire network upgrades.

Such freeze would just deny him the assets. It wouldn’t bring them back to the rightful owners. So this is more a case for competent authorities to follow this guy and catch him after he slips somewhere. Then the assets can be returned.

Kucoin is incorporated in Seychelles, but they’re a South Korean exchange with it unclear whether South Korea’s authorities have developed the capabilities.

If this was a European exchange, Europol would probably have taken over by now and you’d think would have wanted to show its worth.

In America there would be an alphabet of agencies which do generally have the capabilities, but by comparison South Korea is small with it unclear whether they’ve had the resources to have some of their boys specialize in this sort of thing. So they might need some help.

Related Posts

The Court of Justice

Crypto Developers Don’t Own Duty of Care Court Rules

XP Inc Nasdaq listing, 2019

Brazil’s Biggest Broker to Start Crypto Trading

Defi ETP to Start Trading

Luna Delisted After Half a Trillion Trading Volumes

Load More
  • Trending
  • Comments
  • Latest
US Bureau of Labor Statistics

Inflation Falls

Wormhole UST/CRV Disbalance, May 2022

Who Killed Luna?

Luna delisted, May 2022

Luna Delisted After Half a Trillion Trading Volumes

Bitcoin whale transfers to exchanges, May 2022

Bitcoin Transfers to Exchanges Spike to Near All Time High

The Court of Justice

Crypto Developers Don’t Own Duty of Care Court Rules

XP Inc Nasdaq listing, 2019

Brazil’s Biggest Broker to Start Crypto Trading

21Shares Launching the BOLD ETP, April 2022

Defi ETP to Start Trading

Luna delisted, May 2022

Luna Delisted After Half a Trillion Trading Volumes

Comments

Latest News

  • Crypto Developers Don’t Own Duty of Care Court Rules
  • Brazil’s Biggest Broker to Start Crypto Trading
  • Defi ETP to Start Trading

About Trustnodes

Terms of Service

Privacy Policy

Our Ethics and Values

Trustnodes Newsletter

Trustnodes © 2017-2022. All Rights Fully Reserved. For any Enquiries contact@trustnodes.com RSS Feed

No Result
View All Result
  • Login
  • Sign Up
  • Cart
  • Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics

Trustnodes © 2017-2022. All Rights Fully Reserved. For any Enquiries contact@trustnodes.com RSS Feed

Welcome Back!

Login to your account below

Authenticate with MetaMask Loading...

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?