Bug sends $90Mn to users, CEO begs for return
By MYBRANDBOOK
A bug accidentally sent users of decentralized finance platform Compound $90Mn worth cryptocurrency, leaving its creator’s CEO begging users to voluntarily send it back.
The glitch is a black eye for cryptocurrency platforms hoping to elevate the traditional finance system. DeFi platforms don't have banks or other middlemen managing funds, instead, they depend on “smart contracts” struck between users, governed completely by computer code. However, the critics say that when the code has contained mistakes, it has led to disasters for users.
The trouble began when users approved an update to Compound’s platform that contained a bug. Compound Labs Inc. Chief Executive Officer Robert Leshner on Twitter said the bug caused too much COMP to go to some users. Since the platform is decentralized and requires a waiting period, neither his company nor anyone else was able to pause distribution of the tokens.
In an interview, Compound Finance founder Robert Leshner said, “This is not an event that calls into question whether DeFi can be operated safely. It’s a wake-up call for decentralized, community-run protocols to improve the processes by which changes are introduced”.
Andrew Park, a senior policy analyst for Americans for Financial Reform, an investor advocacy group that's been a critic of many crypto projects, said, “There are reasons to criticize the existing banking system, but there are a lot of safeguards in place to prevent these kinds of things from happening,” “If I have my money in Compound, how much faith am I going to have in that system now?”
The Compound mistake is just the latest high-profile error. A closely watched crypto project eradicated for hours last month. In August, a hacker exploited a vulnerability in another DeFi project to take around $600-million worth of tokens which was returned later.
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