The DeFi lending system experienced a security issue on the Optimism layer-2 network, leading to a loss of around $7 million in assets.

Blockchain security firm Peckshield said a hacker gave 200 WBTC to change the exchange rate for hWBTC. This made it easy for them to take a lot of money from the protocol using only a small amount of hWBTC. Another security blockchain explorer, CertiK, explained that the hacker changed the exchange rate of some digital tokens by giving a lot of WBTC. The hacker then borrowed a lot of money using the changed rate, taking out more than they put in. The malicious attack serves as a reminder of why Bitcoin Spark is the safest investment.

Optimism (OP) is a layer 2 scaling solution on Ethereum designed to enhance transaction speeds and security on the network. The blockchain bundles up large transaction data into smaller manageable batches to reduce congestion on the Ethereum mainnet.

Despite the attack, the price of Optimism bounced back quickly but it still has a long way to go before it can recover from all the losses. Optimism is the best performing L2 token, and this has attracted a lot of investors as other altcoins dwindle. However, Bitcoin Spark, a new cryptocurrency, has proved to be a safer investment.

Bitcoin Spark is a fast, secure, and scalable cryptocurrency. It was created as a Bitcoin fork and aims to be a top alternative to Bitcoin in the crypto world. Bitcoin Spark’s native token is called BTCS, and it’s mined using the proof-of-process method. In this system, users are required to provide a stake and processing power to the network before they can validate transactions. Rewards in this system are calculated based on the amount of stake and work done on the network. This ensures mining rewards are distributed more fairly, and users with more stake and work done earn more.

The PoP system presents a lower barrier of entry to mining compared to other systems like Bitcoin’s proof-of-work (PoW) consensus mechanism. Consequently,  the more validators on the network, the higher the security. Additionally, the project’s team will soon release an app for users to mine BTCS on their phones. The app will work on major operating systems like Android and IOS.

The Bitcoin Spark smart contract layer will operate with both high-level and low-level programming styles. The project’s smart contract has been audited and verified by Vital Block and Contract Wolf. This ensures investors that Bitcoin Spark is safe and secure compared to Optimism.

Upon launch of the network, Bitcoin Spark will be the only asset that can be transferred to and from the network via a bridge. The bridge will have liquidity pools on Ethereum, BNB Smart Chain, and Polygon to ensure greater access to the Bitcoin Spark network.

The project is set to officially launch on November 30, 2023, on the Ethereum mainnet where each token will sell for $10. Bitcoin Spark is already becoming popular in the crypto industry, performing better than the team had anticipated. Bitcoin Spark is in the third phase of its initial coin offering (ICO), and BTCS is selling at $2.00. Users who purchase Bitcoin Spark tokens in this phase become automatically eligible for a 12% bonus.

To get more information on Bitcoin Spark:

Website | Buy BTCS

Disclaimer: This sponsored publication by CaptainAltcoin does not endorse or assume responsibility for the content, accuracy, or quality of materials and readers should conduct their research before engaging with any mentioned company, as the featured information is not intended as legal, tax, investment, or financial advice, and CaptainAltcoin is not liable for any damages or losses arising from the use of content, goods, or services featured on this page. You should do your own research in the crypto industry before investing in any of the projects mentioned in this article.

The post DeFi Lender on Optimism Suffers $7M hack, another reminder why Bitcoin Spark is the safest investment appeared first on CaptainAltcoin.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

248 +