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Origin DeFi Protocol Suffers Massive Flash Loan Attack – OUSD Stablecoin Value Sinks More than 80%

Origin Protocol is among the latest to fall victim to a flash loan attack. The Defi protocol fell to the attack that has resulted in millions of dollars in loss. 

The OUSD stablecoin issuer suffered the attack that happened during the early hours on November 17. Unfortunately, it has caused a massive loss of millions of dollars of tokens. The attack was confirmed by one of the team leaders. 

They are now sincerely working with the exchange to identify the attacker and freeze the tokens before they become liquidated. 

According to news source Decrypt, the flash loan attacked on DeFi stands to go for the worse, according to Chainlink Co-founder Sergey Nazarov. He explains DeFi platforms are the ideal platforms for getting ruined of millions. 

Nazarov thinks that he has the right kind of solution for that. The hackers have been able to succeed in their malicious plans of stealing millions of cryptocurrency. He warns that it was just the beginning, and there is more to come. 

The attackers can easily manipulate the token prices by changing the data on the platform oracle. They then purchase cheap tokens to repay the flash loan. According to Nazarov, these attacks are extremely dangerous because the hackers do not need immense technical knowledge. 

Nazarov suggests that DeFi platforms should consider having a wide range of prices they want to collect. The individual can manipulate the price by skewing its global price. The international price is the actual price. 

The co-founder of the oracle network Chainlink had tweeted this about flash loan attacks on DeFi. 

A news article on Cryptodatabox, gives the statement of Origin Protocol Co-founder. He has acknowledged the fact that the flash loan attack did happen. After the attack, the value of the OUSD stablecoin has moved down and was able to only trade at $0.15 per token.

Matthew Liu, who is the Origin Protocol Co-founder, has stated that the stolen money has been traced. The attacker used both Tornado Cash and Renbtc to move funds.

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