Cardano grew by 15% after Hoskinson's words about the security of Plutus smart contracts
The price of Cardano (ADA) increased by almost 15% after the statement of the head of IOHK Charles Hoskinson about the security of Plutus smart contracts. His words were made against the background of the hacking of the DeFi projects Monox and DAO Badger this week.
That's why Plutus was written for Cardano. Good languages and tools work with the developer and the auditor, allowing them to write excellent and secure code. Bad tongues load and hand them a gun from which they shoot themselves: https://t.co/jpyr88cebj
- Charles Hoskinson (@Iohk_charles) December 2, 2021
After the publication of CEO IOHK, Cardano quotes exceeded the $1.76 mark. At the time of writing, the price has adjusted at $1.66.
On November 30, a hacker withdrew crypto assets worth $31 million from the Mono X platform based on Polygon. According to the developers, the attacker took advantage of an error in the swap contract code — it allowed him to "inflate" the price of the MONO token, and then purchase "all other assets in the pool" for it.
Hoskinson also noted auditors who failed to detect a critical vulnerability.
I heard twenty good engineers told them it was solid…..
— Charles Hoskinson (@IOHK_Charles) December 2, 2021
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 used an exploit in the user interface. The project team has suspended all smart contracts and is investigating the incident. The developers also attracted Chainalysis experts and reported the incident to the law enforcement agencies of the United States and Canada.
For now, the pause on smart contracts continues in order to prevent further withdrawals. Badger will share further updates as soon as they are available.
— ₿adgerDAO 🦡 (@BadgerDAO) December 2, 2021
In September 2021, IOHK activated the Alonzo update, which allowed the deployment of smart contracts in the main Cardano network. 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 start testing its DEX only on December 5.
Good luck to all the @sundaeswap team & community with their #Cardano testnet launch, announced for this weekend. We’ve been happy to collab with the team on their plans. You can read more here: 1/3 https://t.co/7iRifId9YS
— Input Output (@InputOutputHK) December 1, 2021
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.
Recall that in September, the Hoskinson-focused company Emurgo announced that it would invest $100 million in the development of DeFi and NFT in the blockchain ecosystem.