Compound Finance Suffers Bug Leading To ~$50M Token Distribution

THELOGICALINDIAN - Compound Finance COMP has acutely suffered a badge administration bug afterwards introducing and casual a contempo babyminding vote that addressed rewards administration Proposal 62 Shortly thereafter Compound appear in a cheep that there was abnormal behavior apropos COMP administration afterward the vote but that no suppliedborrowed funds are at risk

The funds that are in accident due to the bug sit abandoned in the Comptroller contract, which agency that there is a absolute cap of 280,000 COMP tokens that are at risk. However, that’s still a ample number, account over $80M USD at the time of publishing. One transaction was reportedly as aerial as about $30M alone.

Let’s Get Movin’

With babyminding generally comes the abridgement of actual action. As Compound Finance CEO and Founder Robert Leshner noted in a tweet discussing the contest at hand, “there are no admin controls or association accoutrement to attenuate the COMP distribution; any changes to the agreement crave a 7-day babyminding process.”

The Compound aggregation bound formed out the antecedent babyminding action with Proposal 63 up for review, which briefly disables COMP administration rewards while the aggregation and association abode the fix for the protocol.

Leshner adds that while Proposal 63 is up for review, “a application to restart the administration is in development.” While this gives the aggregation time to abode the issue, Proposal 63 does agenda that all ~280,000 tokens will be at risk.

Take 10%

Leshner has back gone on Twitter allurement recipients of mistaken broadcast COMP to acknowledgment it, with the beneath tweet:

If you accustomed a large, incorrect bulk of COMP from the Compound agreement error:
Please acknowledgment it to the Compound Timelock (0x6d903f6003cca6255D85CcA4D3B5E5146dC33925). Keep 10% as a white-hat.
Otherwise, it's actuality appear as assets to the IRS, and best of you are doxxed.
— Robert Leshner (@rleshner) October 1, 2021

He took a bit of calefaction for the tweet, and followed up by advertence that it was a “bone-headed cheep / approach” and that his intentions lie in “trying to do annihilation I can do to advice the association get some of its COMP back.”

Smart arrangement specialist Kurt Barry acclaimed aloof how cher baby errors in cipher can appulse blockchain projects:

Smart affairs are cruel of the atomic errors…COMP bug is a adverse case of ">" instead of ">=" (in two cipher locations). Two characters, tens of millions of amount lost.
— Kurt Barry (@Kurt_M_Barry) September 30, 2021

Truly a boxy set of affairs for the Compound Finance community, about abounding accept apparent approval of Leshner’s response.

The move is not the aboriginal blow in the rapidly growing apple of DeFi. Aftermost month, the Poly Arrangement suffered a drudge that amount over $600M USD. In a bit of a camp set of circumstances, the Poly hacker alternate best of the baseborn crypto aback to the network. And in the aftermost week, cross-chain DeFi agreement pNetwork lost over $12M USD in tokenized Bitcoin to attackers.