Friday, July 30, 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.

- Advertisement -
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

Michael Saylor “Bitcoin Is Digital Real Estate And Is Now Held By More Than 114 Million People, Making It The Most Widely Held Financial...

Microstrategy CEO Michael Saylor always shows that he is a faithful supporter of Bitcoin. Microstrategy currently holds 105,085 BTC. Michael Saylor is among the...

Bitpay Adds Support For Litecoin And Newegg Becomes The First Merchant To Accept LTC Through Bitpay

BitPay, the world’s largest provider of Bitcoin and cryptocurrency payment services, today announced support for Litecoin in the BitPay Wallet app. Consumers can buy, store and...

Yoroi Wallet To Release Dapp Connector That Will Allow Interactions Between Users And Dapps On Cardano Blockchain

Cardano (ADA) smart contracts are coming soon and so is its infrastructure advancing. window.coinzilla_display = window.coinzilla_display ||...

Ethernity Chain to Drop NFT of NAS’s Performance in South Africa on the 20th Anniversary of the end of Apartheid

Johannesburg, South Africa, 29th July, 2021, Ethernity Chain is proud to announce another unique NFT collection is coming to its ecosystem. This aNFT (Authenticated...

Wall Street Bitcoin Adoption Continues As State Street The Second-Oldest Continually Operating United States Bank To Offer Crypto Services

State Street Corporation, an American financial services and bank holding company, headquartered in Boston with operations all over the globe to Offer Crypto Services...

57,000 Bitcoin Left Crypto Exchanges In 24 Hours Showing Bullish Sentiments Along With 465,000 Bitcoins Transferred Between Coinbase And Unknown Wallets

BTC saw the largest outflow of funds in one day from crypto exchanges. Nearly 57,000 bitcoins were left crypto exchanges.  ...

According To PayPal CEO, Paypal Crypto Super App Is Code Complete And Will Launch Soon

PayPal, World Top payment provider company, has stated that its users will not need to wait longer for great crypto functionalities app coming soon.

Subscribe To Our Newsletter

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

follow us in feedly