Onyx Crypto News: DeFi Overhaul Gains Full Community Support

Onyx Crypto News: Major System Overhaul After Recent Hack

Decentralized finance (DeFi) protocol Onyx has received approval from its community to relaunch its financial network, Onyx Core, after suffering a $3.8 million hack. The attack, which occurred on September 27, exploited a known but unresolved security vulnerability in the system. Despite the setback, the Onyx community has rallied to support a relaunch proposal, which aims to enhance the protocol’s security and governance moving forward.

Onyx Crypto: Community Approves Relaunch and Restructuring

Shortly after the hack, the Onyx Improvement Proposal “OIP-46: Relaunch Onyx Core” was introduced, outlining significant changes to the protocol. The proposal includes shutting down Onyx’s Ethereum-based lending market, reimbursing lenders in full for their supplied assets, and relaunching Onyx Core as a key product. 

By September 29, the community had fully supported the OIP-46 proposal, with no votes against the changes. The execution of the proposal is set for October 1, when the protocol will begin its transition. As part of the relaunch, the Onyx team will issue a revised white paper for Onyx Core, which will serve as the foundation for their new, more secure offerings. The goal of relaunch is to improve the security and functionality of the protocol, with Onyx Core being positioned as a primary product alongside Onyxcoin (XCN) staking.

Onyx Crypto: Security Enhancements Following Recent Hack

The $3.8 million hack on September 27 occurred when a hacker exploited a flaw in an NFT Liquidation contract, inflating the self-liquidation reward. The vulnerability had been used previously in an October 2023 attack on Onyx. This time, the Onyx team is determined to prevent such incidents in the future by making structural and security improvements.

In response to increasing cybersecurity threats, especially in the DeFi sector, Onyx’s restructuring is seen as a proactive measure to protect its users and secure its platform from future attacks. 

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