Ethereum’s Synthetic Asset lost 37 million due to Oracle Attack

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Arushi Dubey
Arushi Dubey is a student of Bachelor in Arts( Psychology). She is pursuing Psychology in arts with English literature and French Language. She is well versed in the English language. She is good at expressing her thoughts into words. She is still getting more and more trained in gathering knowledge related to Crypto Currencies and expressing them.

The second-ranked cryptocurrency in the crypto market, Ethereum platform of Synthetic Asset issuance has lost $37 million of Synthetic ETH (sETH)n because of an oracle attack. This news was reported by ‘The Block’ and the report has also stated that it is unable to calculate the actual amount of the lost amount in dollars, due to the secondary market’s relative illiquidity of the sETH.

The news then also verified by the Etherscan. The co-founder and CEO of the Synthetic ETH company, Kain Warwick thinks that the Oracle attack was led out by an arbitrage bot, and the firm has also contacted the owner of the arbitrage bot.

On Synthetix’s Discord Channel, the CEO or co-founder of the firm, Kain Warwick has given a statement, “There has been an accident with the price feed of sKRW, we are currently investigating the root cause, but during the time when the price feed was returning the wrong value, we believe an automated arb bot converted into sKRW and then into sETH.”

After the alert of the attack, the company has eliminated all the transfers within its system. The company has also introduced a bug bounty program to get the white hat hacker support to report for the bugs present on the platform. The bug bounty programs are now getting more popular on blockchain based system. The previous month, as per the report by Finance Magnets that the white hat hackers had reported the amount of $32,000 by reporting the bugs on different blockchain platforms in the course of 7 weeks.

The cryptocurrency exchange Coinbase had also rewarded a white hat hacker the amount of $30,000 for reporting a critical bug, on totaling the payout was about of $300,000.

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