One Cash Finance Not Stable

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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.

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."

"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)"

This is a global/international case not involving a specific country.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

Known history of when and how the service was started.
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:

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

This sections is included if a case involved deception or information that was unknown at the time. Examples include:

When the service was actually started (if different than the "official story").
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

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.

Key Event Timeline - One Cash Finance Not Stable
Date	Event	Description
December 31st, 2020 12:00:00 AM	First Event	This is an expanded description of what happened and the impact. If multiple lines are necessary, add them here.

Total Amount Lost

The total amount lost is unknown.

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

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?

Ultimate Outcome

What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

Total Amount Recovered

It is unknown how much was recovered.

What funds were recovered? What funds were reimbursed for those affected users?

Ongoing Developments

What parts of this case are still remaining to be concluded?

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.