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 in order 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 fiduciary 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.
According to Larry Cermak, head of research at The Block, before the hard fork, the hacker managed to exchange approximately 330,000 OCEAN tokens worth about $ 120,000. Ocean Protocol has a liquid supply of 587,622,921 OCEAN, and the total supply is $ 1.4 tokens.
According to CoinGecko, the price of OCEAN fell 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.
