Compounding problems: $65m more COMP at risk as devs wait for time-locked bug...
While Compound’s developers submitted a fix for the protocol’s bug on Sept. 30, the update won’t take effect until a seven-day time-lock on code updates has passed. Major DeFi money market Compound’s woes are worsening, with nearly $150 million worth of COMP now at risk due to a buggy upgrade to the protocol that went live last week.On Sept. 30, Cointelegraph reported that a bug had resulted in between $70 million and $85 million worth of COMP tokens being mistakenly offered to users as rewards after an update intended to fix bugs and “split COMP rewards distribution” went awry.Despite the....
Related News
New entrants to the DeFi sector and established traders looking to borrow funds have pushed the price of Compound (COMP) to a new all-time high. As Bitcoin and numerous altcoins surge toward new all-time highs, traders who are coin rich but cash poor are increasingly flocking to decentralized finance lending platforms where they can collatoralize their holdings to raise funds for new investments. Compound is one of the leading DeFi lending platforms and over the past month its TVL and governance token price has rallied to new highs.Total value locked in Compound. Source: Defi....
Compound protocol has placed $150 million worth of COMP tokens at risk, but a bug fix is likely to remedy the situation after giving the community a scare. As the decentralized finance (DeFi) market continues to pique the interest of investors across the globe, a few incidents have shone a major spotlight on the vulnerabilities various platforms operating within this space are continually exposed to. For example, it has recently been unveiled that due to a buggy system upgrade, prominent DeFi money market Compound had put approximately $150 million worth of the native COMP tokens at risk....
The governance tokens for Uniswap and Compound reached new 2021 highs as altcoins and DeFi tokens pushed higher today. On Jan. 30 Uniswap (UNI) and Compound (COMP) both rallied to new all-time highs as the entire DeFi sector continued to heat up. UNI soared to a new all-time high at $19.93 and COMP price did the same as it briefly traded at $340. COMP/USDT 4-hour chart. Source: TradingViewIn the past 30 days the entire decentralized finance sector has been in a strong uptrend and data from DeFi Pulse shows the total value locked has soared from $16.43 billion on Jan. 2 to a new all-time....
There’s never been a whirlwind of politics surrounding an open source project on the scale that we see with Bitcoin. Alternative implementations are considered controversial on principle, and Core devs can’t propose a bug fix without being accused of manipulation on behalf of outside interests. However, BSD, another popular open source project, doesn’t seem to have these problems. Why not? At the same time, though, we’ve never seen an OSS project so paralyzed by community sentiment, at the cost of the functionality of the software they produce. Many would argue that this is because the....
Compound Finance (COMP) has seemingly suffered a token distribution bug after introducing and passing a recent governance vote that addressed rewards distribution, Proposal 62. Shortly thereafter, Compound reported in a tweet that there was unusual behavior regarding COMP distribution following the vote, but that “no supplied/borrowed funds are at risk.” The funds that are in jeopardy due to the bug sit only in the Comptroller contract, which means that there is a total cap of 280,000 COMP tokens that are at risk. However, that’s still a hefty number, worth over $80M USD....