Saturday, January 16, 2021
Home Crypto News Market Defi Project Compounder Finance Stole $10.8 million Users Funds

Defi Project Compounder Finance Stole $10.8 million Users Funds

- Advertisement -

Anonymous developers withdraw user funds a month after the start of the project.

The developers hid a smart contract feature that allowed them to withdraw funds from liquidity pools to third-party wallets. Thus, $750,000 in Wrapped Bitcoin, $4.8 million in Ethereum, and $5 million in DAI were stolen, as well as small amounts of other tokens.

The Creator of the Compound Finance landing Protocol, Robert Leshner, called this one of the largest incidents in terms of stolen funds in the field of decentralized finance. The smart contract was launched on November 10, and users accumulated cryptocurrency for about a month.

One of the investors said that he invested $1 million in the project, now he is offering $50 thousand for information that would help return the stolen funds. 

The price of Compounder CP3R’s token has fallen by 99%.

The project was audited by Solidity Finance, which was supposed to guarantee users’ funds security. The company said that they pointed out the possibility of withdrawing cryptocurrencies in early November and showed their concern to the project developers. Later it turned out that they deliberately created this problem and took advantage of it.

Jakkk
Jakkkhttps://thecryptobasic.com/
Owner of TheCryptoBasic. Involved in cryptocurrencies for more than five years, Love to trade, and write on cryptocurrencies. My basic aim is to provide genuine information to cryptocurrencies readers because crypto is filled with frauds and scams. True information is very rare to get. So I will be providing accurate information about cryptocurrencies topics, that users can trust.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Reasons Behind Chainlink (LINK) Price Making New All Time High

Chainlink (LINK) price achieved new highs increasing over $20 touching 22 USD. The price of LINK has risen by close to 30% in the...

SIMBA Chain Got A $1.5 Million Contract From The U.S. Office Of Naval Research To Develop Blockchain-Based Solution For Critical Military Weaponry Parts

SIMBA Chain, a blockchain-based company, has been received a contract of $1.5 million to create a system for predicting demand for critical parts of...

Another Cryptocurrency Exchange Backed XRP: “We Will Continue Listing XRP”

The U.S. financial authority, the SEC, has sued Ripple over the XRP sales. After the securities lawsuit, many popular cryptocurrency exchanges removed XRP from...

A Chinese Hospital Started Issuing Electronic Invoices On Blockchain Technology

The state hospital of Chengmai County in Hainan Province, which positions itself as the center of technology development in China, has released the first...

Kraken Allow Buying Of Monero With A Debit Or Credit Card

The Monero team tweets that it is possible to buy Monero directly on the Kraken crypto exchange with debit or credit card. https://twitter.com/monero/status/1349452657166065664

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.