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ADA Spikes 15% as IOHK CEO Touts Cardano’s Plutus in Wake of MonoX Hack

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Thu, 12/02/2021 - 15:40
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Tomiwabold Olajide
ADA, the native crypto asset of the Cardano blockchain, is up 15% in the last 24 hours
ADA Spikes 15% as IOHK CEO Touts Cardano’s Plutus in Wake of MonoX Hack
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IOHK CEO Charles Hoskinson touts Cardano’s Plutus in the Wake of the MonoX hack. ADA, the Cardano blockchain's native crypto asset, has risen 15% in the previous 24 hours.

MonoX Finance, a blockchain firm, said on Wednesday that a hacker stole $31 million by leveraging a bug in the software it uses to generate smart contracts.

According to MonoX Finance, an accounting glitch in the company's software allowed an attacker to inflate the price of the MONO token and then use it to cash out all the other deposited tokens. The exploit totaled $31 million in tokens on the Ethereum and Polygon blockchains, both of which the MonoX protocol supports.

Plutus is the Cardano blockchain's smart contracts platform, which enables users to create applications that interact with the network. Plutus contracts use Haskell as their programming language.

As of press time, Cardano (ADA) was trading at $1.70 after marking highs at $1.74 today.

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About the author

Tomiwabold is a cryptocurrency analyst, technical analyst and experienced fund manager. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.