After exploit, Warp Finance compensation plan takes promising strides
In a promising sign for the DeFi space, another project devotes itself to complete user compensation following an exploit In a blog post on Saturday night, Warp Finance — the latest decentralized finance (DeFi) protocol to suffer a smart contract exploit — announced promising strides towards recompensating users following a nearly $8 million flash loan attack. As Cointelegraph reported on Friday, the DeFi protocol, which offers stablecoin loans on liquidity pool token collateral, lost $7.7 million in USDC and DAI when an attacker used multiple flash loans to create liquidity pool tokens,....
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The Origin Protocol team has unveiled a compensation plan for its depositors who were adversely affected by the flash loan attack in November. According to the team, there is now a plan to provide compensation equal to 100% of the value deposited to OUSD at the time of the exploit. Two Compensation Plans Still, the team clarifies that one’s OUSD holdings before and after the hack will be a key determinant of the compensation package they will receive. In an update issued via Medium, Micah Alcorn who is the Production Engineer at Origin Protocol says: Approximately two-thirds of....
Warp Finance's hack of $8 million could have been prevented with better oracles, the team says. Warp Finance, a DeFi lending protocol that suffered an $8 million flash loan exploit shortly after release, is now gearing up for a relaunch that will include an integration with oracles by Chainlink.The inclusion of Chainlink oracles reportedly serves as protection against similar exploits. Flash loan exploits use a feature that allows borrowing an unlimited amount of funds, as long as it is also returned within the same Ethereum block. According to the team, security experts determined that....
Cover Protocol will distribute new "coins" to token holders as Binance announces compensation for affected traders. Peer-to-peer coverage market Cover Protocol has published a compensation plan for token holders and liquidity providers affected by the recent hack. As part of the process, the Cover Protocol team took a snapshot at block height 11541218, the last transaction block before the exploit began.Eligible liquidity providers on Uniswap, SushiSwap, and Balancer will receive new COVER tokens based on their share of the liquidity pool on those platforms. Liquidity providers on the....
Warp Finance, a protocol enabling liquidity provisioning (LP) tokens to be used as collateral for stablecoin loans, is re-launching after a successful recovery and reimbursement of hacked funds. This novel platform was the unfortunate victim of a flash loan attack, an increasingly prevalent problem in the decentralized finance (DeFi) space whereby hackers are able to essentially cheat the protocol and pull large amounts of money out of it. Warp carried out a quick and sweeping […]
The latest DeFi incursion involves flash loans ... again. DeFi lending protocol Warp Finance has reportedly suffered a flash loan attack resulting in the loss of as much as $8 million in digital assets.Reports are coming in that an attacker has made off with between $1 million, to as much as $8 million according to DeFi Prime. The losses follow a series of flash loans that have exploited vulnerabilities in the Warp Finance protocol.Warp Finance is a new DeFi platform announced in early November that enables users to deposit liquidity provider (LP) tokens from other protocols and receive....