Onyx V2
Last changed 2026-11-02 · Fact-check review — Fact-check review (verdict: revise): the reviewer checked the page's claims against its sources; the trust score was recalculated from the page's findings, 52 → 59. Version history →
Why this score
| Every page starts at | 65 |
| Concerns that are not fraud | -9.6 |
| Incidents it suffered (e.g. hacks) | -3.2 |
| Problems around it, caused by others | -0.8 |
| Long-running | +8 |
| Sum | 59 |
- 3 sections set aside: the claims did not hold up in a fact-check, pending correction.
Score: 59/100 (kept between 0 and 100)
How scoring works →Page reliability: Fact-checked 2026-11-02 · 5 of 12 claims confirmed · 4 need better sources · 2 disputed · 1 out of date
anchored·5ToEug…Ro5KSummary
Onyx Protocol is a Compound Finance fork and DeFi lending platform on Ethereum that launched a V2 iteration in 2024 following two devastating exploits — one in November 2023 ($2.1M) and a second in September 2024 ($3.8M) — both exploiting the same known vulnerability in the Compound V2 codebase. After the second hack, the community voted to shut down the Ethereum lending market and relaunch as Onyx Core; V2 targeting compliance with the U.S. CLARITY Act launched in Q3 2025 on a new XCN Ledger infrastructure. Total confirmed losses across both exploits exceed $5.9 million.
Connected Entities
8 entities · 60 linked investigations- Hundred Finance→mentioned with→Ethereum(70%)
- Hundred Finance→mentioned with→Arbitrum(60%)
- Compound V2→mentioned with→Balancer(60%)
- Compound V2→mentioned with→Ethereum(80%)
- Midas Capital→mentioned with→Ethereum(60%)
- Balancer→mentioned with→Arbitrum(60%)
- Balancer→mentioned with→Ethereum(70%)
- Hundred Finance→mentioned with→Compound V2(80%)
- Onyx Protocol→mentioned with→Hundred Finance(80%)
- Onyx V2→mentioned with→Midas Capital(80%)
- + 15 more
Timeline(13 events)
2022
CertiK completes audit of Onyx Protocol — the last known independent security audit. Subsequent protocol updates and new market deployments were not re-audited.
October 2023
Onyx DAO passes governance Proposal 22 adding an unfunded PEPE market; only 11 total votes cast with one address controlling ~97% of vote weight.
2 November 2023
First exploit: attacker (0x085bdff2c522e8637d4154039db8746bb8642bff) drains $2.1 million (1,164 ETH) using an empty-pool rounding error in the Compound V2 fork. 1,140 ETH deposited to Tornado Cash. TVL drops 87%.
2024
Onyx DAO passes recovery proposals including plans to launch V2 money market with security improvements targeting the rounding-error vulnerability.
26 September 2024
Second exploit: attacker (0x680910cf5Fc9969A25Fd57e7896A14fF1E55F36B) drains $3.8 million using the same Compound V2 exchange-rate manipulation plus a new NFTLiquidation contract flaw. Stolen assets include 4.1M VUSD, 7.35M XCN, 50K USDT, 5K DAI, 0.23 WBTC.
26 September 2024
VUSD stablecoin depegs to $0.2757 — a 72% decline within 24 hours of the exploit.
27 September 2024
OIP-46 (Relaunch Onyx Core) proposed. Protocol announces shutdown of Ethereum lending market and 1:1 lender reimbursement commitment.
29 September 2024
OIP-46 passes with 100% community approval (no opposition votes recorded).
October 2024
OIP-46 executed. Ethereum lending market shut down; Onyx Core relaunch initiated.
2025
XCN token surges approximately 1,500% to $0.05 in a speculative rally before falling ~85%.
August 2025
OIP-60 deployed: Onyx Points rewards for stakers activated; gas-free wallet launched; Onyx AI v2 and website overhaul released.
October 2025
Onyx V2 launches natively on XCN Ledger (Layer 3) with gas-free transactions, Arbitrum Nitro EVM compatibility, and CLARITY Act compliance positioning.
27 March 2026
Goliath proof-of-stake Layer 1 mainnet goes live as part of the expanded Onyx ecosystem.
Decision Log
- slot 464366317 · hash 6h7bBf23tchki3APeggXvNVwS4doy5frCppVwpWj9KkS
- slot 464366312 · hash FV7XnjTXAh3euiUZvUFS5higBE2SUMBfnBkECXR4jSgo
- slot 464366307 · hash BcYoMrfkevwLW9oNdANryJsLCNJCr2mmqQ76P2tWTHdd
- slot 455369003 · hash DarcrqmTCUMEtTmge91dqER4JwQLTAtcRRux23rbioYa
- slot 422638462 · hash 4H9si3obFitJfmfC1oLP8sA5dc8rWPyGk7FTTPRjGzGL
This investigation is cryptographically anchored to the Solana blockchain (5 decisions). 24 of 28 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:28 AM
last updated: 11/2/2026, 4:47:24 AM
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