Core

Onyx

DeFi

Hundred Finance

After losing $3.8 million in a Sept. 27 hack that exploited a known but unaddressed security vulnerability, decentralized finance (DeFi) protocol Onyx received community approval to relaunch its open-source, permissioned financial network, Onyx Core as a key product to strengthen its governance.
The Onyx Improvement Proposal “(OIP)-46: Relaunch Onyx Core” was <a data-ct-non-breakable="null" href="https://community.onyx.org/t/oip-46-relaunch-onyx-core/1795" rel="null" target="null" text="null" title="null">introduced</a> on the same day, shortly after the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/onyx-protocol-exploited-second-time-3-8m-via-known-bug" rel="null" target="null" text="null" title="null">$3.8 million security exploit</a>. The proposal called for major changes to the protocol and its product offerings, including shutting down its Ethereum-based lending market and reimbursing the lenders “in full at a 1:1 payment of the assets they supplied.”
<figure>
 <img alt="Onyx to shutdown Ethereum-based lending market, relaunch Onyx Core" name="" src="https://s3.cointelegraph.com/uploads/2024-09/019242a4-6861-7727-87f3-2c1da4cd592c">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/OnyxDAO/status/1839444128775503999" rel="null" target="null" text="null" title="https://x.com/OnyxDAO/status/1839444128775503999">Onyx</a>
 </figcaption>
</figure>
By Sept. 29, the OIP-46 proposal had <a data-ct-non-breakable="null" href="https://app.onyx.org/#/governance/proposal/46" rel="null" target="null" text="null" title="null">received</a> the full support of the Onyx community members, with no votes against the proposed changes. The proposal is set to be executed on Oct. 1.&nbsp;
<figure>
 <img alt="Onyx to shutdown Ethereum-based lending market, relaunch Onyx Core" name="" src="https://s3.cointelegraph.com/uploads/2024-09/019242a4-c163-7e79-9689-436305a80d66">
 <figcaption style="text-align: center;">
 OIP-46: Relaunch Onyx Core voting details. Source: app.onyx.org
 </figcaption>
</figure>
The Onyx team will issue a revised white paper for Onyx Core’s relaunch as a primary product alongside Onyxcoin (XCN) staking.&nbsp;
<h2 id="onyx-re-evaluates-core-business-offerings">Onyx re-evaluates core business offerings</h2>
The restructuring will also involve running the Onyx Protocol as a closed-ended lending protocol on Onyx Core, allowing users to wrap non-fungible tokens, real-world assets (RWA) and crypto assets.
The Onyx hacker manipulated an NFTLiquidation contract to inflate the self-liquidation reward amount. According to blockchain security firm PeckShield, the vulnerability was previously used to attack Onyx in October 2023.&nbsp;
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bedrock-crypto-hack-2m-attacker-job-offer" rel="null" target="null" text="null" title="null">Hacker behind $2M crypto heist receives job offer from victim protocol</a>
Other hacks exploiting the same vulnerability include the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/hundred-finance-loses-7-million-in-optimism-hack" rel="null" target="null" text="null" title="null">Hundred Finance hack in April 2023</a>. The proposed restructuring aims to secure the Onyx Protocol from future attacks.
<h2 id="crypto-hackers-prefer-attacking-centralized-exchanges">Crypto hackers prefer attacking centralized exchanges&nbsp;</h2>
According to Web3 cybersecurity company Cyvers, losses from crypto hacks in the first three quarters of 2024 exceeded $2.1 billion.
Centralized finance operators such as crypto exchanges were the biggest target, with a 984% year-on-year increase in the first three quarters of 2024. Much of that came in the year’s second quarter when $401 million was lost.
While losses in the DeFi sector dropped 25% year-on-year in Q2, the sector still saw $171.3 million lost from 62 incidents.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/worldcoin-fined-dmm-bitcoin-system-face-ban-asia-express/" rel="null" target="null" text="null" title="null">Worldcoin fined again! Crypto store clerk runs off with $500K cash: Asia Express</a>

Onyx to shutdown Ethereum-based lending market, relaunch Onyx Core

Table of Contents

Cointelegraph

Other articles published on Sep 30, 2024

Is Bitcoin’s Hype Fading? BTC Falls Under $65K Mark

Sui Coin Price Sees Positive Growth Despite Recent Volatility

SUI Gains 10% as Bullish Trends Emerge, New All-Time High on the Horizon?

Empower Your Ideas: Build Blockchain Solutions Seamlessly with Qubetics’ QubeQode!

Coinpedia Fintech News

SUI gains 115% in September backed by ecosystem growth

Join our free newsletter for daily crypto updates!