Defi Platform Compound detects Bug that Allows $88M risk

Compound platform reported about a bug in the smart contract. Associated bug with the smart contract allows users to claim native token of Compound worth $88 Million.

At present, Decentralized platforms are getting better attention from the community amid high restrictions based regulation on the crypto market. A recent example can be seen with the dYdX platform, which gained huge growth in trading volume, even more than Coinbase, because of the China renewed ban. So no doubt that Defi based platforms have potential over Cefi platforms but it would not be wrong to say that Defi platforms are still in the initial development stages and they need to be fixed at the best level otherwise these may face a big hacking attack. In the latest Compound platform encountered a bug associated with its coding.

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Compound is a Decentralized platform built on the Ethereum blockchain. Team found a bug. Bug associated with the governance protocol 062. This protocol allows their users to claim around $88 Million worth of Comp token. 

Comp is a native token of Compound platform. 

The founder of Compound Labs,  Robert Leshner, talked about it and added

“This is the greatest opportunity, and greatest risk for a decentralized protocol–that an open development process allows a bug to enter production”

Leshner ensured their users that the bug is only associated with the comptroller’s smart contract of comp token only, while other smart contract features based coding are ok. 

Compound also claimed that it will take around a week or more to get approval to fix the bug, but here their users don’t need to take tension because the 063 proposal will not allow any users to claim Comp token until the bug will get fixed.

Leshner also added later 

“I’m trying to do anything I can to help the community get some of its COMP back, and this was a bone-headed tweet / approach. That’s on me”

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