en.coinotag.com
OnyxDAO Security Breach: Detailed Analysis and Impact
- Recent reports indicate that OnyxDAO has suffered a severe security breach, resulting in losses exceeding $3 million.
- The security incident is linked to a bug in the CompoundV2 code base.
- Crypto investors continue to express concerns over the frequency of hacks and malicious activities within the industry.
The decentralized protocol OnyxDAO has become the latest victim of a substantial security breach, resulting in a loss of $3.2 million. This breach has triggered a wave of concerns among users and sparked renewed debates over the security of decentralized finance (DeFi) platforms. The security firm PeckShield first identified the malicious activity, revealing that the attacker’s wallet currently holds approximately 521 ETH, equivalent to $1.36 million.
Technical Breakdown of the CompoundV2 Bug
The breach has been attributed to a precision issue within the CompoundV2 code base. This specific vulnerability allowed the attacker to manipulate exchange rates within the platform. Assets such as VUSD, DAI, XCN, USDT, and WBTC have been affected. The incident has raised significant concerns about the robustness of protocols built on CompoundV2, highlighting the urgency for more rigorous security measures in the DeFi ecosystem.