Monday, December 5, 2022

Osmosis Will Cover The Exploit Loss, Chain Remains Halted For 2 Days

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Osmosis will cover the exploit losses reportedly as the cause of the liquidity pool exploit was identified and a new blockchain update will be pushed in the next 48 hours so let’s read more today in our latest blockchain news.

The Osmosis chain will remain halted for the next two days after a liquditiy pool exploit that resulted in the loss of $5 million. In a series of updates, the Osmosis team said it will cover the losses using strategic reserves and the bug was actually an issue with the JoinPoolNoSwap function where the providers recieved 50% more than they should have down when withdrawing from the liquditiy pools.

The bug was exploited by a small number of individuals and four of them were identified as being responsible for 95% of the exploited amount. The community analyst Robo Mcgobo wrote:

“Funds have been linked to CEX accounts. Law enforcement has been notified. We’re hopeful that the exploiters will do the right thing here so that aggressive action will not be necessary.”

Osmosis is a blockchain built on Cosmos and it is known for its decentralized exchange that stopped trading when the chain freeze took effect. The Token is traded on MEXC and gained 1.19% in the past day after the announcement that Osmosis will cover the exploit loss.

Hacker Left Stolen, funds, smart contract, destruct

Cross-chain Osmosis crypto exchange is expanding its horizons with the launch of the new bridge that will enable trading for ETH-based assets. OSmosis announced the launch of Gravity Bridge which is an inter-blockchain protocol to Ethereum translator that is built by Althea, an internet service provider. To this date, the decentralized exchanges expanded immensely by deploying the implementations of their contracts on alternative chains with projects like Ren and Torchain trying to enable cross-chain asset swap and unified liquidity pools.

Enabling asset swaps between Ethereum and Cosmos IBC requires tons of innovation. According to Aggarwal, the Althea team was working on the gravity Bridge for a few years and has a sophisticated slashing system for validators that underperform. Osmosis Is an app-specific chain which means that Osmosis Labs will take huge steps to improve user experience like allowing Metamask signatures that are not usually compatible with Cosmos

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