Advertise
CoinTrust
BTC
ETH
BCH
SOL
DOGE
SHIB
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos
No Result
View All Result
CoinTrust
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos
No Result
View All Result
CoinTrust
No Result
View All Result

Home » DeFi Protocol Compound Loses over $70mln in Tokens Due to Distribution Bug

DeFi Protocol Compound Loses over $70mln in Tokens Due to Distribution Bug

Kelly Cromley by Kelly Cromley
Oct 1, 2021
in Market News, News
Reading Time: 3 mins read
0

 

Compound Finance, a cryptocurrency lending DeFi company, claimed that a supply issue erroneously rewarded customers more than $70 million in its COMP coin. The token disbursement bus is part of Compound Finance’s recently enacted Proposal 062.

Rather to its intended purpose of “splitting COMP awards distribution and bug fixes,” the update has led in over-rewarding providers. Before Compound Finance deployed Proposal 062, the DeFi tech company performed the necessary checks to verify that there were no problems.

Within hours, though, the crew observed an odd behavior. Because of the flaw, some users were able to claim up to $50 million in COMP tokens. COMP’s problem occurrence was presumably caused by the absence of two characters. In two code places, “>” was used instead of “>=.” The defeat resulted from ignoring those two errors.

In response to the incident, Compound Finance stated, “Compound Labs and community members are examining inconsistencies in the COMP allocation.” Furthermore, the Compound Finance group has guaranteed that both provided and borrowed money are secure. The group also stated that it was looking at inconsistencies in COMP allocation.

In a Twitter post, the startup’s CEO, Robert Leshner, further clarified: “A few hours earlier, Proposal 62 went into force, altering the Comptroller agreement, which disseminates COMP to protocol participants. The revised Comptroller contract has a fault, resulting in too much COMP for certain users. The effect is limited, at worst, 280,000 COMP tokens,” as per the founder.

🚨 Unusual activity has been reported regarding the distribution of COMP following the execution of Proposal 062.

No supplied/borrowed funds are at risk — Compound Labs and members of the community are investigating discrepancies in the COMP distribution.

— Compound Labs (@compoundfinance) September 29, 2021


Proposal 62 and the new contract were written by a community member, with review from multiple other community members.

This is the greatest opportunity, and greatest risk for a decentralized protocol–that an open development process allows a bug to enter production.

— Robert Leshner (@rleshner) September 30, 2021


He also said that no money are at danger. He went on to say that the only danger is that some people got an abnormally high amount of COMP. In addition, the creator said that Proposal 62 and the new contracts were written by members of the community.

Following then, there were comments from additional members of the community. “This is the biggest potential, and the greatest danger, for a decentralized protocol–than an open development cycle enables a problem to reach production,” he said.

Leshner stated in the Twitter conversation that there are no administrative restrictions or community tools available to stop the COMP dissemination. Any modifications to the protocol must go through a 7-day governance procedure.

COMP has shed over 10% after the news of the issue broke. Data revealed a surge in selling pressure, causing the coin’s value to fall to approximately $270. Nevertheless, as of this writing, COMP is trading at $312. COMP’s market value has dropped by more than 10%. The token has also dropped by more than 16% in the last month. COMP has lost approximately 60% of its value since reaching an all-time peak of $910 in May.

Previous Post

Polygon’s Active Addresses Surpass Ethereum Briefly

Next Post

Iran’s Bitcoin Miners Resume Operations

Related Posts

zigchain-unveils-mainnet-beta

ZIGChain Debuts Shariah-Compliant Blockchain for Tokenizing Real-World Assets

by Kelly Cromley
Jun 25, 2025
0

A Karachi-based team led by blockchain entrepreneur Abdul Rafay Gadit has unveiled ZIGChain, a base-level network designed from the ground...

Semiconductor Firm Sequans to Raise $384M for Bitcoin Treasury Expansion

Semiconductor Firm Sequans to Raise $384M for Bitcoin Treasury Expansion

by Mostafijur Rahman
Jun 24, 2025
0

In a bold move that signals the next phase of corporate crypto adoption, France-based semiconductor company Sequans Communications has announced...

Lympid Joins Mantra’s Accelerator to Tokenize Luxury Assets

Lympid Joins Mantra’s Accelerator to Tokenize Luxury Assets

by Kelly Cromley
Jun 24, 2025
0

Mantra, a Layer-1 blockchain focused on real-world assets (RWA), has confirmed that Lympid, a platform specializing in the issuance and...

guinevere-capital-partners-with-polemos

Guinevere Capital Partners with Polemos to Boost Web3 Gaming

by Kelly Cromley
Jun 24, 2025
0

Guinevere Capital, a well-established investment firm known for its focus on esports and gaming ventures, has confirmed a strategic partnership...

D'CENT Wallet

D’CENT Expands Web3 Reach with Taiko Partnership

by Kelly Cromley
Jun 24, 2025
0

D’CENT, a pioneer in biometric hardware wallets, has introduced Ethereum Layer-2 solution Taiko as the third featured partner in its...

chromia-partners-with-tac

Chromia and TAC Join Forces to Power Decentralized Telegram Apps

by Kelly Cromley
Jun 24, 2025
0

Chromia has formalized a strategic collaboration with TAC, a purpose-built Layer-1 network focused on resolving compatibility challenges between Ethereum Virtual...

Next Post
Iran’s Bitcoin Miners Resume Operations

Iran’s Bitcoin Miners Resume Operations

  • CollĂ© Ai

    Collé: Pioneering AI Web3 Platform Receives Investment Boost from BlackRock

    by Kelly Cromley
    May 13, 2024
  • Router Protocol and OpenWorldSwap Partnership to Revolutionize DEX Market

    by Kelly Cromley
    Aug 6, 2024
  • Central Bank of Saudi Arabia Teams Up with Ripple to Transform Cross-Border Settlements

    by Kelly Cromley
    Aug 17, 2023
  • GameStop’s Digital Transformation: Embracing Blockchain and NFTs

    by Kelly Cromley
    Feb 2, 2025
  • Blockchain Based Sports Platform SportsMint Unveiled

    by Kelly Cromley
    Apr 30, 2024

Recent News

zigchain-unveils-mainnet-beta
Market News

ZIGChain Debuts Shariah-Compliant Blockchain for Tokenizing Real-World Assets

by Kelly Cromley
Jun 25, 2025
Semiconductor Firm Sequans to Raise $384M for Bitcoin Treasury Expansion
Binance Coin News

Semiconductor Firm Sequans to Raise $384M for Bitcoin Treasury Expansion

by Mostafijur Rahman
Jun 24, 2025
Lympid Joins Mantra’s Accelerator to Tokenize Luxury Assets
Market News

Lympid Joins Mantra’s Accelerator to Tokenize Luxury Assets

by Kelly Cromley
Jun 24, 2025
guinevere-capital-partners-with-polemos
Market News

Guinevere Capital Partners with Polemos to Boost Web3 Gaming

by Kelly Cromley
Jun 24, 2025
D'CENT Wallet
Market News

D’CENT Expands Web3 Reach with Taiko Partnership

by Kelly Cromley
Jun 24, 2025

Categories

  • Altcoin News
  • Analysis News
  • Binance Coin News
  • Bitcoin News
  • Blog
  • Cardano News
  • Ethereum News
  • ICO News
  • Legislation News
  • Market Forecasts
  • Market News
  • News
  • Ripple News
  • Solana News
  • Tether News
Trustpilot

Cointrust

  • About Us
  • Contact Us
  • Correction Request
  • Our Team

Legal

  • Disclaimer
  • Terms & Conditions
  • Privacy Policy
  • Cookie Policy

Popular

  • ICO Listings
  • Knowledge Base
  • All about Mining
  • Cryptocurrency Exchanges
  • How and Where to buy Cryptocurrency

Sitemap

  • News section
  • Sitemap
  • XML Sitemap

© 2024 CoinTrust.com.

CoinTrustCoinTrust

* DISCLAIMER: All information provided in CoinTrust is merely for informational purposes, we are not an investment advisor and not affiliated with any companies or ICO/Cryptocurrency Projects. To use this website you must accept our cookie policy, Disclaimer and Privacy Policies.

No Result
View All Result
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos

© 2024 CoinTrust.com.

We use cookies to ensure that we give you the best experience on our website.
If you continue to use this site you agree to allow us to use cookies, in accordance with our Cookie Policy.
I Agree