After a $3.8 million hack on a long-known security vulnerability, Onyx plans to relaunch its governance-focused financial network with full community support.
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 introduced on the same day, shortly after the $3.8 million security exploit. 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.”
Source: Onyx
