One Cash Finance Not Stable: Difference between revisions

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{{Imported Case Study 2|source=https://www.quadrigainitiative.com/casestudy/onecashfinancenotstable.php}}
{{Case Study Under Construction}}[[File:Onecash.jpg|thumb|One Cash Homepage]]One Cash was created as a decentralized fork of the basis protocol with some minor tweaks. The token appears to have gained a massive value, followed by quickly dropping to a value below $1. The experiment does not appear to have been successful. The anonymous developer deleted their Medium and Twitter accounts after the crash.
{{Unattributed Sources}}
 
[[File:Onecash.jpg|thumb|One Cash]]One Cash was created as a decentralized fork of the basis protocol with some minor tweaks. The token appears to have gained a massive value, followed by quickly dropping to a value below $1. The experiment does not appear to have been successful. The anonymous developer has deleted their Medium and Twitter accounts.
 
This is a global/international case not involving a specific country.<ref name="abettametatwitter-9354" /><ref name="cypherhunter-9462" /><ref name="misaackman-9463" /><ref name="binance-9464" /><ref name="debankdefitwitter-9465" /><ref name="onecashfinancearchive-9466" /><ref name="coingecko-9467" /><ref name="misaackmanmediumarchive-9468" />


== About One Cash ==
== About One Cash ==
Line 17: Line 12:
"Unlike Basis Cash: One Cash has no initial mining. ONC and ONS are minted directly."
"Unlike Basis Cash: One Cash has no initial mining. ONC and ONS are minted directly."


"Inflation starts from the very beginning and rebases every 8 hours (maximum: 10% each time; 1.1^3 for every day) ."
"Inflation starts from the very beginning and rebases every 8 hours (maximum: 10% each time; 1.1^3 for every day)."


"BAS-DAI LP tokens will be staked in future inflation cycles with a locking time window to exit."
"BAS-DAI LP tokens will be staked in future inflation cycles with a locking time window to exit."
"The latest public audit reports are nowhere to be found. Team profile is anonymous."


"One Cash (a new algorithmic stablecoin) is listed on @DeBankDeFi now! (#TVL-$5.6M so far)"
"One Cash (a new algorithmic stablecoin) is listed on @DeBankDeFi now! (#TVL-$5.6M so far)"


This is a global/international case not involving a specific country.
Homepage:<ref name="onecashfinancearchive-9466" />


The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.
Medium:<ref name="misaackman-9463" />


Include:
CypherHunter:<ref name="cypherhunter-9462" />


* Known history of when and how the service was started.
CoinGecko:<ref name="coingecko-9467" />
* What problems does the company or service claim to solve?
* What marketing materials were used by the firm or business?
* Audits performed, and excerpts that may have been included.
* Business registration documents shown (fake or legitimate).
* How were people recruited to participate?
* Public warnings and announcements prior to the event.


Don't Include:
Binance:<ref name="binance-9464" />
* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
* Anything that wasn't reasonably knowable at the time of the event.
There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.


== The Reality ==
== The Reality ==
This sections is included if a case involved deception or information that was unknown at the time. Examples include:
"The latest public audit reports are nowhere to be found. Team profile is anonymous."


* When the service was actually started (if different than the "official story").
Stablecoins depend on the market to maintain their value. They typically suffer from major issues when public confidence is lost, causing a large number of users to liquidate their tokens at whatever price they can get. If the peg is not restored, this can permanently end the stablecoin project.
* Who actually ran a service and their own personal history.
* How the service was structured behind the scenes. (For example, there was no "trading bot".)
* Details of what audits reported and how vulnerabilities were missed during auditing.


== What Happened ==
== What Happened ==
The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.
The One Cash coin was launched at a high price of $500, and crashed below $1 within 48 hours.
 
Add data from CoinGecko:<ref name="coingecko-9467" /> Binance:<ref name="binance-9464" />
 
Articles from Medium:<ref name="misaackman-9463" />
{| class="wikitable"
{| class="wikitable"
|+Key Event Timeline - One Cash Finance Not Stable
|+Key Event Timeline - One Cash Finance Not Stable
Line 60: Line 45:
!Description
!Description
|-
|-
|December 31st, 2020
|December 26th, 2020 12:47:15 AM MST
|Main Event
|Launch Announcement
|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
|The One Cash Finance project launch is announce on Medium<ref name="misaackmanmediumarchive-9468" />.
|-
|December 29th, 2020 6:52:00 AM MST
|Tweet About Launch
|DeBankDefi tweets about the launch of the One Cash project<ref name="debankdefitwitter-9465" />. "One Cash (a new algorithmic stablecoin) is listed on @DeBankDeFi now! (#TVL-$5.6M so far)"
|-
|December 30th, 2020
|Token Launch And Crash
|The token launched with an opening price of $500, which  crashes to a value well below $1 within 48 hours<ref name="coingecko-9467" />.
|-
|-
|
|July 13th, 2022 4:26:00 AM MDT
|
|ABettaMeta Stablecoin Project Failure List
|
|The stablecoin is included in the list of failed stablecoins by ABettaMeta<ref name="abettametatwitter-9354" />.
|}
|}


== Technical Details ==
== Technical Details ==
This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?
Stablecoins depend on the market to maintain their value. They typically suffer from major issues when public confidence is lost, causing a large number of users to liquidate their tokens at whatever price they can get. If the peg is not restored, this can permanently end the stablecoin project.


== Total Amount Lost ==
== Total Amount Lost ==
The total amount lost has been estimated at $5,600,000 USD.
The total amount lost has been estimated at $5,600,000 USD, based on the total value locked at launch<ref name="debankdefitwitter-9465" />.
 
How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?


== Immediate Reactions ==
== Immediate Reactions ==
How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?
The anonymous developer deleted their Medium and Twitter accounts after the crash.


== Ultimate Outcome ==
== Ultimate Outcome ==
What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?
The incident appears to have been included in a list produced by Twitter user ABettaMeta<ref name="abettametatwitter-9354" />.


== Total Amount Recovered ==
== Total Amount Recovered ==
The total amount recovered is unknown.
The total amount recovered is unknown.
What funds were recovered? What funds were reimbursed for those affected users?


== Ongoing Developments ==
== Ongoing Developments ==
What parts of this case are still remaining to be concluded?
TBD
== General Prevention Policies ==
== General Prevention Policies ==
Unfortunately the One Cash token appears not to be backed by any actual assets or reserve. As such, the price is only supported by the liquidity of the market for the tokens provided.
Unfortunately the One Cash token appears not to be backed by any actual assets or reserve. As such, the price is only supported by the liquidity of the market for the tokens provided.
Line 108: Line 97:


== References ==
== References ==
<references><ref name="abettametatwitter-9354">[https://twitter.com/ABettaMeta/status/1547165531584843777 @ABettaMeta Twitter] (Jul 13, 2022)</ref>
<references>
 
<ref name="abettametatwitter-9354">[https://twitter.com/ABettaMeta/status/1547165531584843777 ABettaMeta - "Yeah flexUSD, UST, DEI, TITAN, BitUSD, NuBits, Basecoin, One Cash, Dynamic Set Dollar, unified Stable Dollar, bDollar, Midas Dollar, Freeliquid, Stand Cash, BondAppetite, Empty Set Dollar, Coffin Dollar, OpenDAO, Wault Finance, BeanStalk, & DefiDollar holders are all doing great!" - Twitter] (Jul 13, 2022)</ref>
<ref name="cypherhunter-9462">[https://www.cypherhunter.com/en/p/one-cash/ One Cash - CypherHunter] (Nov 2, 2022)</ref>
<ref name="cypherhunter-9462">[https://www.cypherhunter.com/en/p/one-cash/ One Cash - CypherHunter] (Nov 2, 2022)</ref>
 
<ref name="misaackman-9463">[https://web.archive.org/web/20210801210821/https://misaackman.medium.com/ Misaackman Medium Archive August 1st, 2021 3:08:21 PM MDT] (Nov 2, 2022)</ref>
<ref name="misaackman-9463">[https://misaackman.medium.com/ https://misaackman.medium.com/] (Nov 2, 2022)</ref>
<ref name="binance-9464">[https://www.binance.com/en-IN/price/one-cash One Cash Price History - Binance] (Nov 2, 2022)</ref>
 
<ref name="debankdefitwitter-9465">[https://twitter.com/DeBankDeFi/status/1343917893021364224 DeBankDeFi - "One Cash (a new algorithmic stablecoin) is listed on @DeBankDeFi now! (#TVL-$5.6M so far)" - Twitter] (Nov 2, 2022)</ref>
<ref name="binance-9464">[https://www.binance.com/en-IN/price/one-cash https://www.binance.com/en-IN/price/one-cash] (Nov 2, 2022)</ref>
<ref name="onecashfinancearchive-9466">[https://web.archive.org/web/20210119100707/https://onecash.finance/ One Cash Interface Homepage] (Nov 2, 2022)</ref>
 
<ref name="coingecko-9467">[https://www.coingecko.com/en/coins/one-cash One Cash Price in USD: ONC Live Price Chart & News - CoinGecko] (Nov 2, 2022)</ref>
<ref name="debankdefitwitter-9465">[https://twitter.com/DeBankDeFi/status/1343917893021364224 @DeBankDeFi Twitter] (Nov 2, 2022)</ref>
<ref name="misaackmanmediumarchive-9468">[https://web.archive.org/web/20201227013310/https://misaackman.medium.com/onecash-finance-launch-b30652880c4f Onecash Finance Launch Medium Archive December 26th, 2020 6:33:10 PM MST] (Nov 2, 2022)</ref>
 
</references>
<ref name="onecashfinancearchive-9466">[https://web.archive.org/web/20210119100707/https://onecash.finance/ One Cash Interface] (Nov 2, 2022)</ref>
 
<ref name="coingecko-9467">[https://www.coingecko.com/en/coins/one-cash One Cash Price in USD: ONC Live Price Chart & News | CoinGecko] (Nov 2, 2022)</ref>
 
<ref name="misaackmanmediumarchive-9468">[https://web.archive.org/web/20201227013310/https://misaackman.medium.com/onecash-finance-launch-b30652880c4f Onecash Finance Launch] (Nov 2, 2022)</ref></references>

Latest revision as of 14:54, 30 November 2023

Notice: This page is a new case study and some aspects have not been fully researched. Some sections may be incomplete or reflect inaccuracies present in initial sources. Please check the References at the bottom for further information and perform your own additional assessment. Please feel free to contribute by adding any missing information or sources you come across. If you are new here, please read General Tutorial on Wikis or Anatomy of a Case Study for help getting started.

One Cash Homepage

One Cash was created as a decentralized fork of the basis protocol with some minor tweaks. The token appears to have gained a massive value, followed by quickly dropping to a value below $1. The experiment does not appear to have been successful. The anonymous developer deleted their Medium and Twitter accounts after the crash.

About One Cash

"Our project on the Basis protocol is about to go live, it is based on the fork of BasisCash. This project is set up for bolder experiments on the model of Basis protocol."

"Although the initial OneCash are very similar to BasisCash, with the gradual realization of improvements, OneCash will become the most daring and innovative experimental project for the Basis protocol."

"One Cash is the most daring and innovative experimental project for the Basis protocol. It is an algorithm based stablecoin protocol derived from Basis Cash."

"ONC is the stable coin. ONS is its share token. ONB is its bond token."

"Unlike Basis Cash: One Cash has no initial mining. ONC and ONS are minted directly."

"Inflation starts from the very beginning and rebases every 8 hours (maximum: 10% each time; 1.1^3 for every day)."

"BAS-DAI LP tokens will be staked in future inflation cycles with a locking time window to exit."

"One Cash (a new algorithmic stablecoin) is listed on @DeBankDeFi now! (#TVL-$5.6M so far)"

Homepage:[1]

Medium:[2]

CypherHunter:[3]

CoinGecko:[4]

Binance:[5]

The Reality

"The latest public audit reports are nowhere to be found. Team profile is anonymous."

Stablecoins depend on the market to maintain their value. They typically suffer from major issues when public confidence is lost, causing a large number of users to liquidate their tokens at whatever price they can get. If the peg is not restored, this can permanently end the stablecoin project.

What Happened

The One Cash coin was launched at a high price of $500, and crashed below $1 within 48 hours.

Add data from CoinGecko:[4] Binance:[5]

Articles from Medium:[2]

Key Event Timeline - One Cash Finance Not Stable
Date Event Description
December 26th, 2020 12:47:15 AM MST Launch Announcement The One Cash Finance project launch is announce on Medium[6].
December 29th, 2020 6:52:00 AM MST Tweet About Launch DeBankDefi tweets about the launch of the One Cash project[7]. "One Cash (a new algorithmic stablecoin) is listed on @DeBankDeFi now! (#TVL-$5.6M so far)"
December 30th, 2020 Token Launch And Crash The token launched with an opening price of $500, which crashes to a value well below $1 within 48 hours[4].
July 13th, 2022 4:26:00 AM MDT ABettaMeta Stablecoin Project Failure List The stablecoin is included in the list of failed stablecoins by ABettaMeta[8].

Technical Details

Stablecoins depend on the market to maintain their value. They typically suffer from major issues when public confidence is lost, causing a large number of users to liquidate their tokens at whatever price they can get. If the peg is not restored, this can permanently end the stablecoin project.

Total Amount Lost

The total amount lost has been estimated at $5,600,000 USD, based on the total value locked at launch[7].

Immediate Reactions

The anonymous developer deleted their Medium and Twitter accounts after the crash.

Ultimate Outcome

The incident appears to have been included in a list produced by Twitter user ABettaMeta[8].

Total Amount Recovered

The total amount recovered is unknown.

Ongoing Developments

TBD

General Prevention Policies

Unfortunately the One Cash token appears not to be backed by any actual assets or reserve. As such, the price is only supported by the liquidity of the market for the tokens provided.

Individual Prevention Policies

No specific policies for individual prevention have yet been identified in this case.

For the full list of how to protect your funds as an individual, check our Prevention Policies for Individuals guide.

Platform Prevention Policies

Policies for platforms to take to prevent this situation have not yet been selected in this case.

For the full list of how to protect your funds as a financial service, check our Prevention Policies for Platforms guide.

Regulatory Prevention Policies

No specific regulatory policies have yet been identified in this case.

For the full list of regulatory policies that can prevent loss, check our Prevention Policies for Regulators guide.

References

  1. ↑ One Cash Interface Homepage (Nov 2, 2022)
  2. ↑ 2.0 2.1 Misaackman Medium Archive August 1st, 2021 3:08:21 PM MDT (Nov 2, 2022)
  3. ↑ One Cash - CypherHunter (Nov 2, 2022)
  4. ↑ 4.0 4.1 4.2 One Cash Price in USD: ONC Live Price Chart & News - CoinGecko (Nov 2, 2022)
  5. ↑ 5.0 5.1 One Cash Price History - Binance (Nov 2, 2022)
  6. ↑ Onecash Finance Launch Medium Archive December 26th, 2020 6:33:10 PM MST (Nov 2, 2022)
  7. ↑ 7.0 7.1 DeBankDeFi - "One Cash (a new algorithmic stablecoin) is listed on @DeBankDeFi now! (#TVL-$5.6M so far)" - Twitter (Nov 2, 2022)
  8. ↑ 8.0 8.1 ABettaMeta - "Yeah flexUSD, UST, DEI, TITAN, BitUSD, NuBits, Basecoin, One Cash, Dynamic Set Dollar, unified Stable Dollar, bDollar, Midas Dollar, Freeliquid, Stand Cash, BondAppetite, Empty Set Dollar, Coffin Dollar, OpenDAO, Wault Finance, BeanStalk, & DefiDollar holders are all doing great!" - Twitter (Jul 13, 2022)
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