Matthew Liu, the co-founder of Origin Protocol, has confirmed that the Origin Dollar (OUSD) vault was attacked by the hackers. He confirmed on Monday, November 16, 2020, that the team is looking for the damage done and how the hackers were able to gain access to it. The investigation is still in progress, however, it is not yet clear what kind of attack this was. According to the Origin team, the attack has caused damages of around $7 million. Although, the attackers took away much worth of stablecoins that includes ETH and DAI. Origin Team Not Sure Whether Funds Could be Recovered Matthew Liu had mentioned the estimated loss that the protocol had faced in this attack. He also mentioned that Origin had received around $1 million of funds from its employees and founder. It is still not sure whether they will be able to get those funds recovered or not. According to him, the firm is working to platform safe and secure as he said: “Despite this setback, it is very much in our intention to make OUSD a safe, secure, and successful product that builds on the broader Origin mission of peer-to-peer commerce.” OUSD Price Dropped to $0.54 The attack on Origin Protocol has left its major impact on the OUSD stablecoin as its price has now dropped to $0.54, which was very close to $1 before this attack. It is also believed that due to this attack, people might start losing their faith and confidence in the security of decentralized finance protocols. Back in October 2020, it has been seen that many of these protocols have become victims of this kind of attack. It has caused losses of around $40 million to the investors who invested in platforms like Harvest Finance, Value DeFi, and others. Most of these protocols are built on the Ethereum platform.
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