{"id":95365,"date":"2024-09-30T08:18:46","date_gmt":"2024-09-30T12:18:46","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=95365"},"modified":"2024-09-30T08:19:47","modified_gmt":"2024-09-30T12:19:47","slug":"onyx-to-close-ethereum-based-lending-market","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/onyx-to-close-ethereum-based-lending-market\/","title":{"rendered":"Onyx to Close Ethereum-Based Lending Market, Relaunch Onyx Core"},"content":{"rendered":"\n

Following a $3.8 million attack on a well-known security vulnerability,<\/a> Onyx intends to relaunch its governance-focused financial network with full community support.<\/p>\n\n\n\n

\"Onyx<\/figure>\n\n\n\n

After suffering a $3.8 million loss in a hack on September 27, which exploited a known but unaddressed security vulnerability, decentralized finance (DeFi) protocol Onyx gained community approval to relaunch its open-source, permissioned financial network, Onyx Core, as a key product aimed at improving governance.<\/p>\n\n\n\n

The Onyx Improvement Proposal\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> “(OIP)-46: Relaunch Onyx Core” was introduced shortly after the $3.8 million exploit. <\/p>\n\n\n\n

The proposal called for significant changes to the protocol and its product offerings, including the shutdown of its Ethereum-based lending market and a commitment to fully reimburse lenders with “a 1:1 payment of the assets they supplied.”<\/p>\n\n\n\n

\n

This proposal will shut down the Ethereum based lending market and reimburse all affected users in full at a 1:1 payment of the assets they supplied.

OIP-46 will be launched soon onchain for XCN holders to vote on.<\/p>— Onyx (@Onyx) September 26, 2024<\/use><\/svg><\/span><\/a><\/blockquote>

By September 29, the OIP-46 proposal had received unanimous support from Onyx community members, with no opposition to the suggested changes. <\/p>\n\n\n\n

\"Onyx
OIP-46: Relaunch Onyx Core voting details. Source: app.onyx.org<\/em><\/figcaption><\/figure>\n\n\n\n

The proposal is scheduled for execution on October 1. The Onyx team will also release a revised white paper for Onyx Core\u2019s relaunch as a primary product, alongside staking for Onyxcoin (XCN).<\/p>\n\n\n\n

Onyx Reassesses Core Business Offerings<\/strong><\/h2>\n\n\n\n

The restructuring will see Onyx Protocol operate as a closed-ended lending protocol on Onyx Core, allowing users to wrap non-fungible tokens (NFTs), real-world assets (RWAs), and crypto assets. <\/p>\n\n\n\n

In the September attack, the hacker manipulated an NFTLiquidation<\/a> contract to inflate the self-liquidation reward artificially.<\/p>\n\n\n\n

According to blockchain security firm PeckShield, the same vulnerability was used in an attack on Onyx in October 2023. <\/p>\n\n\n\n

Similar hacks, such as the Hundred Finance exploit in April 2023, also targeted this vulnerability. The proposed changes aim to secure Onyx Protocol from future attacks.<\/p>\n\n\n\n

Crypto Hackers Favor Centralized Exchanges<\/strong><\/h2>\n\n\n\n

Web3 cybersecurity firm Cyvers reported that losses from crypto hacks in the first three quarters of 2024 surpassed $2.1 billion. <\/p>\n\n\n\n

Centralized finance operators, particularly crypto exchanges, were the most targeted, seeing a 984% year-on-year increase in the first three quarters of 2024. <\/p>\n\n\n\n

A significant portion of these losses occurred in the second quarter, totaling $401 million.<\/p>\n\n\n\n

While losses in the DeFi sector decreased by 25% year-on-year in Q2, the sector still experienced $171.3 million in losses across 62 incidents.<\/p>\n","protected":false},"excerpt":{"rendered":"

Following a $3.8 million attack on a well-known security vulnerability, Onyx intends to relaunch its governance-focused financial network with full community support. After suffering a $3.8 million loss in a hack on September 27, which exploited a known but unaddressed security vulnerability, decentralized finance (DeFi) protocol Onyx gained community approval to relaunch its open-source, permissioned […]<\/p>\n","protected":false},"author":56,"featured_media":95373,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[7713,202,710,128,937,12424],"class_list":["post-95365","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoin","tag-blockchain","tag-business","tag-ethereum","tag-hackers","tag-lending"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/09\/Onyx-to-Close-Ethereum-Based-Lending-Market-Relaunch-Onyx-Core-1.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/95365","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=95365"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/95365\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/95373"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=95365"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=95365"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=95365"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}