Categories: Market

ADA increases 16% when Charles Hoskinson invites people to Plutus after the MonoX hack

Charles Hoskinson, CEO of IOHK, invites everyone to Cardanos Plutus after the MonoX hack emerged. ADA, the native asset of the Cardano blockchain, is up 15% in the past 24 hours.

MonoX Finance, a blockchain company, said Wednesday that a hacker stole $ 31 million by exploiting a bug in smart contract creation software.

Accordingly, an audit error in the company’s software enabled an attacker to increase the price of MONO and then use it to pay out all other stored tokens. The total losses amounted to $ 31 million in the Ethereum and Polygon networks, both of which support the MonoX protocol, as reported by Bitcoin Magazine.

After the news of the hack, Hoskinson tweet the:

“This is exactly why Plutus was written for Cardano. Great language and tools work with developers and auditors to enable them to write competent and secure code. “

Plutus is the Cardano blockchain’s smart contract platform that allows users to create applications that interact with the network. Plutus contracts use Haskell as their programming language.

ADA has rallied about 16% from yesterday’s low of $ 1.50 to an intraday high of $ 1.76 at the time of the CEO’s tweet. At press time, the token is down to $ 1.67 but is still up 8.5% over the past 24 hours to a trading volume of $ 3.7 billion.

Source: TradingView

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Annie

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.