DeFi Lender on Optimism suffers $7M hack, another reminder why Bitcoin Spark is the safest investment

home” diary » DeFi Lender on Optimism suffers $7M hack, another reminder why Bitcoin Spark is the safest investment

The DeFi lending system experienced a security vulnerability in Optimism’s Layer 2 network, resulting in around $7 million in lost assets.

Blockchain security firm Peckshield said a hacker gave 200 WBTC to change the exchange rate for hWBTC. This made it easy for them to make big bucks out of the protocol with just a small amount of hWBTC. Another security blockchain developer, CertiK, explained that the hacker changed the exchange rate of some digital tokens by issuing a lot of WBTC. The hacker then borrowed a lot of money at the changed interest rate, withdrawing more than he deposited. The malicious attack serves as a reminder why Bitcoin Spark is the safest investment.

What is optimism?

Optimism (OP) is a Layer 2 scaling solution on Ethereum designed to improve transaction speed and network security. The blockchain bundles large transaction data into smaller, manageable batches to reduce congestion on the Ethereum mainnet.

OP Price Prediction

Despite the attack, Optimism’s price recovered quickly, but it still has a long way to go before it can recover from all the losses. Optimism is the best performing L2 token and that has attracted many investors while other altcoins are fading. However, Bitcoin Spark, a new cryptocurrency, has proven to be a safer investment.

Introducing Bitcoin Spark

Bitcoin Spark is a fast, secure, and scalable cryptocurrency. It was developed as a Bitcoin fork and aims to be a top alternative to Bitcoin in the crypto world. Bitcoin Spark’s native token is called BTCS and is mined using the proof-of-process method. In this system, users must provide a share and computing power to the network before they can validate transactions. The rewards in this system are calculated based on the size of the bet and the work done in the network. This ensures that mining rewards are distributed more equitably and users with more effort and work done earn more.

The PoP system presents a lower barrier to entry for mining compared to other systems such as Bitcoin’s Proof-of-Work (PoW) consensus mechanism. Consequently, the more validators in the network, the higher the security. In addition, the project team will soon release an app that will allow users to mine BTCS on their phones. The app works on major operating systems such as Android and IOS.

The Bitcoin Spark smart contract layer works with both high-level and low-level programming styles. The project’s smart contract has been audited and verified by Vital Block and Contract Wolf. This ensures for investors that Bitcoin Spark is safe compared to Optimism.

At network launch, Bitcoin Spark will be the only asset that can be bridged to and from the network. The bridge will have liquidity pools on Ethereum, BNB Smart Chain and Polygon to provide better access to the Bitcoin Spark network.

The project is scheduled to officially launch on November 30, 2023 on the Ethereum mainnet, where each token will be sold for $10. Already enjoying increasing popularity in the crypto space, Bitcoin Spark is performing better than the team expected. Bitcoin Spark is in the third phase of its Initial Coin Offering (ICO) and BTCS is being sold for $2.00. Users who buy Bitcoin Spark tokens during this phase are automatically eligible for a 12% bonus.

For more information on Bitcoin Spark, visit:

site | Buy BTC

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