Cosmos-based osmosiszone halted as critical bug found; $5 million lost Osmosis $OSMO $ATOM
At around 3:00 p.m. UTC, users started to explore this bug en masse. Namely, the USDC-OSMO pool was affected. An initial estimation suggests that losses exceed $2.5 million before the network's team decided to halt the blockchain.
All operations were stopped at block #4713064"for emergency maintenance." Most likely, the vulnerability occured in the v9 Nitrogen upgrade of Osmosis DEX codebase.At 7:00 a.m. UTC, the team of the network confirmed that the attack occurred and unveiled that the protocol has been drained for almost $5 million. The attackers thus failed to siphon all liquidity from Osmosis DEX pools.
By press time, the team started closed testing of the blockchain; validators should be ready for the announcement of a restart coordination plan.Decentralized cryptocurrency exchange Osmosis is one of the first mainstream projects of the Cosmos Hub. It was launched in mainnet in mid-February 2021; its team also pioneered"superliquid staking" concept.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Osmosis DEX on Cosmos exploited for $5 million as validators halt the networkThe Osmosis team confirmed the bug let malicious users drain about $5 million worth of assets from liquidity pools.
Read more »
Column: $5 gas would help Texas if an economic hurricane strikesJPMorgan Chase CEO Jamie Dimon warns of a coming economic hurricane, but high energy prices will soften blow to Texas, writes business columnist Chris Tomlinson.
Read more »
U.S. gas prices could soon top $5 a gallon, experts warn$5 PER GALLON?!⛽ Experts are warning drivers there’s a strong possibility that it's going to be the national average soon...
Read more »
Goldman Sachs predicts $140 oil as gas prices spike near $5 a gallonHigh oil and gasoline prices will need to rise even higher this summer to incentivize new production and discourage consumption, according to Goldman Sachs.
Read more »