Compound Finance patch to return COMP distribution to ‘normal’

2 weeks ago 7
PR Distribution

The lending protocol suffered an exploit affecting COMP token organisation aft different spot successful precocious September

Compound Finance, a large subordinate successful the decentralised concern (DeFi) ecosystem, has announced that its hole for a bug that saw users erroneously person millions of dollars worthy of COMP tokens volition beryllium executed connected Saturday, 9 October.

This is aft a connection to spot the vulnerability easy passed successful a ballot taken connected 7 October. According to the Compound Labs team, the assemblage pledged a full of 1,037,107 COMP tokens successful favour of Proposal 64, an upgrade that is acceptable to present the bug fix.

The unanimous ballot allows Compound Labs to proceed to the adjacent step, with astir users assured that they volition spot 'normal' token organisation erstwhile the spot happens.

"For the bulk of users, the COMP Distribution volition instrumentality to mean aft execution," the lending protocol tweeted.

However, users affected by the bug that followed Proposal 62 "will beryllium incapable to assertion COMP until aft a aboriginal patch," the level added, referring to the faulty organisation that deed the protocol connected 30 September.

While Proposal 63 sought to stem the erroneous allocation of tokens, the hold successful executing the spot saw millions of dollars worthy of the COMP token drained from the protocol's Reservoir.

Many of those who received the 'free' tokens person returned them to the Compound contract.

In the market, the terms of COMP has recovered from lows of $293 seen past week to presently commercialized astir $329. The worth of the 73rd-ranked crypto task is up 5.1% implicit the past 24 hours arsenic buyers people further gains.

Given Bitcoin's uptick supra $55,000 and the imaginable for the marketplace to determination further north, COMP could widen its upside to scope September highs of $370.

Read Entire Article