{"id":12834,"date":"2021-10-04T20:54:18","date_gmt":"2021-10-04T20:54:18","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/compound-facing-more-problems-more-than-140-million-in-tokens-up-for-grabs\/"},"modified":"2021-10-04T20:54:18","modified_gmt":"2021-10-04T20:54:18","slug":"compound-facing-more-problems-more-than-140-million-in-tokens-up-for-grabs","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/compound-facing-more-problems-more-than-140-million-in-tokens-up-for-grabs\/","title":{"rendered":"Compound Facing More Problems: More Than $140 Million in Tokens up for Grabs"},"content":{"rendered":"

Compound, one of the main cryptocurrency lending protocols on Ethereum, is facing serious problems again. According to banteg, a Yearn developer, someone called a function that moved more funds to be available for users to claim. Now, users can claim up to $140 million of the protocol\u2019s native currency, comp. Compound is hoping users won\u2019t claim these tokens and is rallying to patch the bug that caused this problem in the first place.<\/strong><\/p>\n

Compound Remains Vulnerable to Exploit<\/h2>\n

Compound, a decentralized finance protocol, aggravated its current<\/a> situation when someone called on a function that put more funds at risk of being claimed. The function, called drip, sent more than 200,000 comp (Compound\u2019s native token) to the Comptroller contract, the component that was affected by a bug last week, allowing users to claim unusually high amounts of comp.<\/p>\n

According<\/a> to banteg, developer of another leading defi protocol, Yearn, this was the \u201cbest-kept secret in DeFi.\u201d The drip function moves funds between the \u201ccold wallet\u201d contract of the token \u2014 that manages the reservoir \u2014 to the Comptroller to be distributed among users. The dev also stated that five different addresses could drain $45 million of these tokens, which would have a very detrimental effect on the price of the asset.<\/p>\n

Leshner Acknowledges Issues<\/h2>\n

Robert Leshner, founder of Compound Labs, was quick to acknowledge the issue. He stated that this function was not called for weeks and that he expected<\/a> the bug to be patched before new funds could be put at risk. Due to Compound\u2019s governance characteristics, the bug introduced last week is still waiting for new proposals to be approved in order to apply a patch to correct it.<\/p>\n

However, Leshner was optimistic about the future of the protocol, stating:<\/p>\n

I\u2019m optimistic about the patches making their way through the governance process, which fix the distribution, and the community members that are working to manage this bug.<\/p>\n

The community is calling for changes to how these governance proposals are managed and approved. A user in Twitter proposed<\/a> introducing a new kind of governance proposal to deal with bugs quickly, treating them as emergency updates. This new event that puts more tokens at risk has apparently affected<\/a> comp\u2019s price, which has gone from $340 to $317 in just the last 24 hours.<\/p>\n

What do you think about Compound\u2019s issues and its governance model? Tell us in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nDefi, Banteg, bug, COMP, Compound, Governance, robert leshner<\/p>\n","protected":false},"excerpt":{"rendered":"

Compound, one of the main cryptocurrency lending protocols on Ethereum, is facing serious problems again. According to banteg, a Yearn developer, someone called a function that moved more funds to be available for users to claim. Now, users can claim up to $140 million of the protocol\u2019s native currency, comp. Compound is hoping users won\u2019t…<\/p>\n","protected":false},"author":0,"featured_media":12835,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-12834","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12834"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=12834"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12834\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/12835"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=12834"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=12834"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=12834"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}