Defi Platform Compound Bug Allows Users to Claim $88 Million in Tokens
Compound, one of the trademark defi protocols on the Ethereum blockchain, is experiencing a bug that allows users to reclaim unusually high amounts of its native token. The issue was caused by the implementation of a proposal that modified the contract that awards tokens to users. Compound Labs founder Robert Leshner declared that user funds were safe and that the bug would have to wait seven days to be patched due to platform policies. Compound Hit With Distribution Bug Compound, one of the leading decentralized finance platforms built on top of Ethereum, is experiencing a bug....
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Compound, one of the main cryptocurrency lending protocols on Ethereum, is facing serious problems again. According to banteg, a Yearn developer, someone called a function that moved more funds to be available for users to claim. Now, users can claim up to $140 million of the protocol’s native currency, comp. Compound is hoping users won’t claim these tokens and is rallying to patch the bug that caused this problem in the first place.
Compound Remains Vulnerable to Exploit
Compound, a decentralized finance protocol, aggravated its current situation when someone....
The last week of October turned bearish for the DeFi market despite the string of hacks, as the majority of the DeFi protocols registered bullish weekly gains. Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week.After the Mango Markets exploit last week, Compound protocol paused the supply of four tokens as lending collateral to protect it against any price manipulation.Crypto staking protocol Freeway said one of its trading strategies “appears to have failed,”....
Bitcoin price is correcting, and most of the crypto market is red, but strong fundamental factors are pushing select DeFi tokens and NFTs higher. Bitcoin (BTC) and other major altcoins are either stuck in a range or are witnessing a correction. However, that is not the case with the entire crypto space because a few tokens have been outperforming major cryptocurrencies by a considerable margin.In a world where yields have plunged to negligible levels, the DeFi ecosystem has attracted investors’ attention. Data from Dune Analytics shows that the number of unique Ethereum addresses....
Proposal 064 seeks to repair the token distribution bug introduced during Proposal 062 once and for all. Compound Finance announced the passing of Proposal 064 on Thursday, titled the "Fix COMP Accrual Bug." The proposal states that this update will attempt to “patch the bug introduced in Proposal 62 and pessimistically allow COMP reward withdrawals until the bad COMP accruals can be fixed.”The proposal, which was written primarily by the same community members who proposed the original upgrade, received unanimous COMP votes of 1,037,107 for and 0 against from 27 key addresses including....
A total of 169 blockchain hacking incidents have taken place in 2021, with nearly $7 billion in funds lost. Compound Finance is just one of the latest victims of DeFi hacking incidents in 2021. On Sept. 30, its errant token distribution bug within the Proposal 062 exposed a flaw in which $70 million–$85 million in excess COMP tokens were wrongly distributed to users. Yet, an extra $65 million was placed in a vulnerable vault a few days later, resulting in at least $150 million in COMP tokens at risk. But, while Compound was able to remedy the entire situation, it shows how vulnerable the....