Tuesday, February 18, 2025

Onyx Set to Launch Onyx Core Amid Security Concerns and $3.8M Hack

Originally published on: September 30, 2024

After a devastating $3.8 million hack that exposed vulnerabilities in its system, decentralized finance (DeFi) platform Onyx is gearing up to relaunch its financial network, Onyx Core. The community has given its stamp of approval for this initiative, viewing it as a crucial step towards enhancing governance and security.

The proposal to relaunch Onyx Core, known as Onyx Improvement Proposal “(OIP)-46,” was swiftly introduced following the security breach on Sept. 27. The plan includes significant changes to the protocol, with the Ethereum-based lending market being shut down and lenders being fully reimbursed for their assets at a 1:1 ratio.

Community members showed unanimous support for OIP-46, signaling a united front in favor of the proposed changes. The relaunch is slated to take place on Oct. 1, marking a fresh start for Onyx Core and its users.

As part of the restructuring, Onyx Core will operate as a closed-ended lending protocol, allowing users to collateralize non-fungible tokens, real-world assets, and various cryptocurrencies. This move aims to fortify the system against future attacks and vulnerabilities.

The hacking incident, which exploited a flaw in an NFTLiquidation contract, follows similar attacks on DeFi platforms like Hundred Finance in April 2023. To combat this trend, the revamped Onyx Core is set to offer enhanced security measures to safeguard users’ assets.

With cybercrime on the rise in the crypto space, companies like Onyx are taking proactive steps to protect their platforms and customers. By prioritizing security and governance, Onyx aims to create a safe and reliable environment for users to engage with decentralized finance.

Stay tuned for further updates on the relaunch of Onyx Core and the measures being taken to ensure a secure and robust financial ecosystem for all.

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