Wednesday, June 19, 2024
HomeBlockchainCharles Hoskinson Touts Cardano’s Plutus Potential in the Wake of MonoX Hack

Charles Hoskinson Touts Cardano’s Plutus Potential in the Wake of MonoX Hack

Charles Hoskinson, the CEO of Input Output Global (IOG), has touted the potential of Plutus, Cardano’s smart contracts platform, following the MonoX hack.

MonoX Finance, new decentralized finance (DeFi) protocol using a single token design for liquidity pools, announced on 30th November that a hacker stole $31 million by leveraging a bug in the software it uses to generate smart contracts.

Read Also: Milestone Achieved: Cardano (ADA) Surpasses 20 Million Transactions without a Single Day of Downtime

According to MonoX, the bug in the firm’s software gave room to the hacker to inflate the price of the digital token MONO and then used it to withdraw all the other deposited tokens.

Due to the breach, the attacker successfully stole a total of $31 million worth of MONO on the Ethereum and Polygon blockchains.

MonoX Finance announced, “This morning our contract has been exploited. We are sorry to our users who have deposited funds. The team is investigating and will try our very best to get the stolen funds back. We thank our community for your support.

“A method in the swap contract was exploited and boosted MONO token price to sky-high. The attacker then used MONO token to purchase all the other assets in the pool.”

Read Also: Cardano Block Size to Increase by 12.5% to 72KB on 1st December after Testnet Deployment This Week

Charles Hoskinson Touts Cardano’s Plutus Potential

Reacting to the unfortunate incident, Charles Hoskinson, the creator of Cardano (ADA), stated in a tweet that Plutus was written for Cardano to protect the blockchain from such an occurrence.

Charles Hoskinson tweeted, “This is exactly why Plutus was written for Cardano. Good languages and tooling work with the developer and auditor enabling them to write great and secure code. Bad languages load and hand them the gun that they shoot themselves with.”


Read Also: Charles Hoskinson: 2022 Is About Optimizing Throughput and Connecting Sidechains, It’ll Be a Fun Year for Cardano

Plutus, Cardano’s smart contract platform, enables users to create applications that interact with the network. Its contracts use Haskell as their programing language.

Follow us on Twitter, Facebook, Telegram, and Download Our Android App

Tobi Loba
Tobi Loba
Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.

Latest News & Articles