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Coinbase Considers Support for 18 New Cryptos Including VeChain, Prompting Higher Prices

Coinbase is considering adding a new range of digital assets, including VeChain, Aragon, Bancor, Siacoin, Origin Protocol, and Ren to its potential listings.

Coinbase has been evaluating potential digital assets under its Digital Asset Framework, to review the project’s security and compliance before completing the listing on the exchange.

Other projects on Coinbase’s list include Arweave, COMP, DigiByte, Horizon, Livepeer, NuCypher, Numeraire, Render Network, SKALE Network, and Synthetix.

“Our decision to support any asset requires significant technical and compliance review and may be subject to regulatory approval in some jurisdictions,” the Coinbase blog read. “As per our listing process, we will add new assets on a jurisdiction-by-jurisdiction basis, subject to applicable review and authorizations.”

With the announcement of the potential listing of the cryptocurrencies on the Coinbase exchange has led to a rise in digital asset value before dumping shortly after the listing has been confirmed.

Most assets have seen a jump in price between 8 to 25 percent, with an average of 17 percent, according to data from Messari. Vechain (VET) price has seen an increase of 12.34% after Coinbase’s announcement.

However, the US exchange did not give a timeline for listing the mentioned cryptocurrencies.

Coinbase recently faced outages during Bitcoin price surges which have led to some members of the crypto community refusing to use the exchange. Coinbase users withdrew 22,000 more Bitcoins than they deposited on June 7, which was worth around $214 million.

The US exchange has also faced skepticism when news came out of Coinbase’s intention to sell a blockchain analytics software, named “Coinbase Analytics” to the Internal Revenue Service (IRS) and the US Drug Enforcement Administration (DEA).

Origin DeFi Protocol Loses $7 Million to Hacker in Security Breach

Origin decentralized finance (DeFi) Protocol has announced that its Origin Dollar (OUSD) stablecoin project has been hacked, resulting in a loss of funds worth $7 million in combined Ethereum and DAI stablecoin cryptocurrency, including $1 million deposited by the company employees and founders.

In its official blog, Mathew Lui, the founder of Origin Protocol, confirmed the incident and said that the cause of the attack was a flash-loan transaction. The attacker used a flash loan and exploited vulnerabilities within OUSD contracts to initiate what is called a “reentrancy attack”, which led to the loss of funds.

The blog said:

“The attack was a reentrancy bug in our contract. The attacker exploited a missing validation check in mint multiple to pass in a fake “stablecoin” under their control, allowing the hacker to exploit the contract with a reentrancy attack in the middle of the mint.”

Origin Protocol said that they have traced the funds and know that the hacker used both renBTC and Tornado Cash (mixers) to wash and move the funds.

The company stated that it is taking exhaustive measures to recover the stolen funds before holding a discussion about a compensation plan for the affected customers. The firm has advised people not to buy OUSD on SushiSwap or Uniswap as those prices do not reflect the token’s underlying assets. Furthermore, the company has left a message requesting the hacker to return the funds and promised not to take legal action against the attacker if he or she returns 100% of the funds.

Lastly, the company has expressed sincere gratitude to the crypto community as it has obtained outpouring assistance from its security experts, DeFi engineers, investors, and others in such trying times.

Flash Loan Attacks Adversely Affecting DeFi Sector

In September this year, Origin Protocol launched OUSD stablecoin backed by deposits of DAI, USDC, and USDT and is designed to serve as a saving account. The OUSD stablecoin enables users to passively earn competitive returns while holding funds in their Original Dollar (OUSD) wallets.

Original Protocol is the latest to suffer from flash loan attacks, which have become common in the DeFi sector. Flash loan is a new emerging service within the DeFi landscape that allows users to instantly borrow funds without the need for collaterals to access the loans. However, criminals try to use borrowed funds to manipulate the DeFi market – commonly identified as flash loan attacks.

Typically, flash loan attacks happen when malicious actors loan funds from the decentralized finance platforms (like Origin Protocol), but use exploits vulnerability within the platform code to escape the loan mechanism and get away with the funds. Some of the DeFi platforms that have experienced massive hacks and loss of funds include Harvest Finance DeFi protocol, Value DeFi platform, and others.

Origin Protocol Puts $1 Million Bounty on Hacker As OUSD Stablecoin Loses Stability

Origin Protocol’s issued stable coin the Origin Dollar (OUSD) was hacked earlier this week, resulting in a loss of $7 million. Origin has now announced a $1 million bounty reward for anyone who can bring the hacker responsible for destabilizing its stablecoin to justice.

Following the $7 million dollar hack on Origin Protocol’s OUSD, the stablecoin which should be stable at $1 has fallen to a value of 86 cents.

On Nov.18, Mathew Liu, the co-founder of Origin Protocol, confirmed the incident and said that the cause of the attack was a flash-loan transaction.The attacker used a flash loan and exploited vulnerabilities within OUSD contracts to initiate what is called a “reentrancy attack”, which led to the loss of funds.

According to an update to its official blog, Origin is now offering a reward for the defi protocol’s attacker to be brought justice. Origin Protocol’s co-founder Josh Fraser wrote in the update:

“We are offering a bounty of $1,000,000 USD to anyone that supplies substantial information or evidence leading to the return of customer funds.”

The OUSD stablecoin project hack resulted in a loss of funds worth $7 million in combined Ethereum and DAI stablecoin cryptocurrency, including $1 million deposited by the company employees and founders.

In the update on Nov.19, the article makes an appeal to the hacker’s to keep Origin’s $1 million portion of the money but to consider returning the $6 million in customer funds who may not all be rich.

The update reads:

“If you examine the wallet addresses that held OUSD, you will realize that many of our users are not degens or whales… Keep Origin’s funds, but don’t punish our users, many of whom were new to crypto.”

Origin Protocol said that they have traced the funds and know that the hacker used both renBTC and Tornado Cash (mixers) to wash and move the funds.

Original Protocol is the latest to suffer from flash loan attacks, which have become common in the DeFi sector. Flash loans are a new emerging service within the DeFi landscape that allows users to instantly borrow funds without the need for collaterals to access the loans. However, criminals try to exploit borrowed funds to manipulate the DeFi market – commonly identified as flash loan attacks.