A vulnerability in the Compound project threatens to lose $140 million
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Answer A vulnerability in the Compound project threatens to lose $140 million
The Compound project, a leading decentralized finance protocol built on the Ethereum blockchain, is currently facing vulnerabilities due to the recent development of the bug that started last week.
According to a developer at Year Finance, codenamed “banteg,” a function has been called from the protocol and can be exploited, enabling COMP cryptocurrencies, to be available for claim by users.
The amount of available COMP subject to withdrawal in this function is more than 140 million dollars, according to estimates by the developer “banteg”.
DeFi’s best kept secret has been revealed, someone called a drip() on Compound’s Reservoir, which sent another $68.8 million from COMP to Comptroller.Read:Bitcoin “BTC” is on a different upward trajectory this time
I’ve run the numbers and it looks like it could drain about 1/4 of that.https://t.co/I4mGeNX6uT
– banteg (bantg) October 3, 2021
Witness this latest development of the error condition send Over 200,000 COMP to the Controller nodes, the same protocol component that was affected during the onset of the bug last week.
Initially, the bug allowed users to claim unusually large amounts of COMP.
The drip function with this flaw moves funds between the cold wallet nodes of the digital token responsible for the tank in the controller nodes and all holders of the coin.
Developer Year Finance said at least five different addresses could drain more than $45 million of these digital tokens, negatively impacting the price of COMP.
Robert Lechner of Compound Labs acknowledged the situation and said the drip function in question had not been called for weeks, and that his team expected to correct the bug last week before any new money could be further compromised.
He added, explaining:
I am optimistic about the corrections that are making their way through the governance process, and that fix the distribution imbalance.Read:After the success of his predictions in the past months…Will PlanB’s model fail to predict the closing price of Bitcoin in November?
However, due to Compound’s internal governance procedures, the above error remains unresolved as the protocol awaits review of new proposals for approval.
The price of the digital currency COMP has decreased, by at least 3-4% in the last 24 hours.
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