According to the OneRing Twitter account, this morning, the Ring coin was suddenly hacked by an unknown hacker who managed to steal large amounts of the coin.
We got hacked today, a few hours ago the OneRing protocol suffered a flashloan attack that was completely unexpected. Read: https://t.co/w0Xfl7gChK
— OneRing (@Onering_Finance) March 22, 2022
A hacker broke through the ring’s security barriers, allowing him to steal around 790 million Ring Coins.
The Ring cryptocurrency is priced at 0.18 against the digital US dollar (USDC) after the big drop in the crypto markets where it was at 0.11 against the digital US dollar (USDC).
This hack occurred after the penetration process was made easier due to the change in the prices of the coin due to the availability of a loan of the coin, which caused a significant movement in its price due to the large amounts of mobiles. Immediately after his theft, the hacker borrowed $80 million to cause a sudden change in the price of the currency.
Ring’s founders communicated directly with the PeckShield blockchain network to assist in analyzing the hacker’s movements.
Currency officials have stated that they were able to identify the blockchain on which the data was transferred and are now in the process of tracing that blockchain in an attempt to reach the hacker.
3/ To illustrate, we use the tx hack and show the key steps below. pic.twitter.com/FidWcSo3NW
— PeckShield Inc. (@peckshield) March 22, 2022
PeckShield has explained the traffic as the basic steps the hacker took during the money transfer are described as shown in the image below.
This theft cost the founders of the coin approximately $1.45 million and $500,000 was lost in fast trading accounts, meaning this theft had around $2 million in damages in total.
The founders of the coin made it clear that what happened is their mistake and that they are working hard to correct the situation, working for hours on end in an attempt to close the security hole that allowed the hacker to break into the security system. . to ensure that no further breaches occur in the future.
Compensation plan for users
The responsible team will try to pay the amount stolen within a well thought out plan to pay the losses resulting from the grand theft as compensation to those affected.
The founders of Ring Coin offered the hacker 15% of the stolen funds, as well as 1 million Ring Coins in case of reimbursement.