Origin Protocol Puts Up A $1 Million Bounty On OUSD Hacker

The ETH-based Origin Protocol which was hacked of $7 million earlier this week, put up a $1 million reward or bounty on the OUSD hacker in order to bring him to justice. In today’s altcoin news, we are reading more about it.

OUSD is a stablecoin issued by Origin Protocol and was hacked of $7 million earlier this week. The company issued a bounty program worth $1 million for whoever can trace down the hacker. The price per OUSD crashed to 14 cents. The ETH-based stablecoin ended in “loss of funds of around $7 million” according to the blog post issued by Origin Protocol. The company offers a reward for anyone that will be able to identify the hacker, as co-founder Josh Fraser wrote:

 “We are offering a bounty of $1,000,000 USD to anyone that supplies substantial information or evidence leading to the return of customer funds.”

The update went on to speak directly to the hackers suggesting that they can keep a portion of the money and avoid any legal action if they return $6 million which belonged to the customers:

 “Remember that you are taking from those that have less. If you examine the wallet addresses that held OUSD, you will realize that many of our users are not degens or whales… Keep Origin’s funds, but don’t punish our users, many of whom were new to crypto.”

Kay Yoo who runs the Business Operations and Strategy at Origin elaborated:

 “We do not care if the hacker returns company funds or the personal investments of our founders. Our highest priority right now is to recover customer funds.”

According to the company, the attacker used a flash loan to conduct the attack and then laundered the stolen fund through a mixer service named Tornado. cash as well as Wrapped Bitcoin and RenBTC which are both Bitcoin stand-ins on the ETH blockchain. Money laundering seems to be a pretty common use case for mixing services which allow for scrambling of the transactions on the blockchain in a way that makes them untraceable. This is a great service if you care about privacy but also if you want to do illegal things with digital money.

The people that hacked Twitter over the past summer used a mixer as well, called Wasabi Wallet in order to accomplish the same thing. A Wasabi representative said that while the service can be used to commit crimes, it is not intended for criminals to launder money.  Nonetheless, the price per OUSD is now about $.14 and the trading volume was $0 since Tuesday.