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Cardano Gains 15% After Hoskinson Speaks About Plutus Smart Contract Security


The price of Cardano (ADA) rose almost 15% after the statement of the head of IOHK Charles Hoskinson on the security of Plutus smart contracts. His words rang out against the backdrop of break-ins DeFi-projects MonoX and Badger DAO this week.

“This is why Plutus was written for Cardano. Good languages [программирования] and the tools are geared towards developers and audiences, allowing them to write great and secure code. Bad tongues only load them up, handing a pistol in hand that can shoot at the owner, ”wrote Hoskinson.

After the publication of the CEO of IOHK, Cardano quotes exceeded the $ 1.76 mark. At the time of writing, the price has corrected at $ 1.66.

Binance ADA / USDT daily chart. Data: TradingView.

On November 30, a hacker withdrew $ 31 million worth of crypto assets from the Polygon-based MonoX platform. According to the developers, the attacker took advantage of an error in the code of the swap contract – it allowed him to “inflate” the price of the MONO token, and then purchase “all other assets in the pool” for it.

“Safety has always been very important to us. Over the course of three months, we tested the platform, launched the bug bounty program, and also conducted three audits before launch. During these checks, all high-risk items were immediately corrected, “the developers wrote after the incident.

Hoskinson also highlighted the auditors who were unable to locate the critical vulnerability.

“I heard twenty good engineers told them that [код] reliable, ”he wrote.

On December 2, an unknown person hacked the Badger DAO DeFi protocol. According to PeckShield, the amount of damage exceeded $ 120 million – the attacker withdrew ~ 2,100 BTC and 151 ETH.

Presumably, the hacker took advantage of an exploit in the user interface. The project team has suspended all smart contracts and is investigating the incident. The developers also brought in experts from Chainalysis and reported the incident to law enforcement agencies in the United States and Canada.

In September 2021, IOHK activated the Alonzo update, which allowed smart contracts to be deployed on the Cardano mainnet. However, at the moment, there are practically no working decentralized applications in the blockchain.

One of the most high-profile projects based on Cardano – SundaeSwap – will only start testing its DEX

The platform is publicly supported by IOHK, unlike MuesliSwap. The latter announced the launch of the platform at the end of November, positioning it as the first decentralized exchange on Cardano.

We will remind, in September, the company focused on the Hoskinson project, the company Emurgo announced that it would invest $ 100 million in the development of DeFi and NFT in the blockchain ecosystem.

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