Ocean Protocol Suspended its Old Contract on ETH Blockchain

September 29, 2020


AI and Data service, Ocean Protocol has hanged its old contract on the ETH blockchain and hard-forked its project, after the KuCoin hack of nearly $150M. However, as per a blog post from the Ocean Protocol team, on Sunday, Ocean Protocol declared that it had shifted from its earlier token address to the latest one to thwart the KuCoin Hacker’s efforts to offload 21M OCEAN token worth nearly $8.6M.


The new smart contract will allot taken symbolic adjusts to a location which will be held in trust in Singapore for people influenced by the robbery. 


Moving contract addresses has successfully boycotted the programmer’s reserve of OCEAN tokens. In any case, it likewise brings up issues of the venture’s actual changelessness if the convention can be viably hard-forked at one end of the week. 


Preceding the hard fork, the hacker offloaded approximately 330,000 OCEAN tokens worth $120,000, as per The Blockhead of exploration Larry Cermak. Ocean Protocol has a liquid supply of 587,622,921 OCEAN tokens with the greatest supply of 1.4 billion OCEAN. 


Singapore-based KuCoin was hacked Friday starting at 19:05 UTC. The hacker accessed the stage’s hot wallet keys, said KuCoin CEO Johnny Lyu at an end of the week Livestream. Lyu said the stage expects to cover for hacked misfortunes with protection reserves.


However, as per the CoinGecko, OCEAN’s value fell down by 8% from $0.399/token to $0.365 as the hacker sold the theft tokens in tranches of 10k coins. The hacker then moved onto other holdings including LINK, COMP, and SNX after the contract was stopped. 


Furthermore, the hacker swapped the theft tokens for ETH, the native currency of the Ethereum blockchain. While these swaps have majorly facilitated by Uniswap, a popular decentralized exchange or DEX due to a novel liquidity model that decreases the value fall down. 

Image Courtesy : Pixabay

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