DeFi Lender on Optimism Suffers $7M hack, another reminder why Bitcoin Spark is the safest investment

2023-8-25 14:00

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.

What is Optimism?

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.

OP price prediction

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.

Introducing Bitcoin Spark

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 - Blum - Airdrops In 2024

origin »

SherLOCK Security (LOCK) на Currencies.ru

$ 0.1387 (+1.71%)
Объем 24H $13
Изменеия 24h: 10.06 %, 7d: -33.06 %
Cегодня L: $0.1387 - H: $0.1387
Капитализация $0 Rank 3458
Доступно / Всего 0 LOCK / 4.969m LOCK

security optimism defi blockchain firm around assets

security optimism → Результатов: 17


Hundred Finance hacked on Optimism, suffers $7 million loss

Hundred Finance, a decentralized finance (DeFi) multi-chain lending protocol utilizing the veHND model, has experienced a significant security breach on the Optimism layer-2 scaling solution. The protocol, which integrates with Chainlink oracles to ensure market health and stability, announced via their official Twitter account on Saturday, April 15, that they had been hacked with losses […] The post Hundred Finance hacked on Optimism, suffers $7 million loss appeared first on CryptoSlate.

2023-4-16 22:38


Kokomo Finance Pulls Exit Scam, Takes $4 Million In Investor Funds With It

The deployer of Kokomo Finance, a non-custodial lending protocol on Optimism and Arbitrum, which are popular layer-2 platforms on Ethereum, has rugged users of $4 million. Kokomo Finance Exit Scams, Stealing $4 Million CertiK, a blockchain security firm, tweeted on March 26 that Kokomo Finance exited the protocol and stole $4 million in user funds.  […]

2023-3-27 12:10