10.86 million BUSD lost due to bEarn Fi attack.. 105% compensation for damaged users
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May 17, 2021According to Chain News on the 17th, the DeFi (decentralized finance) protocol bEarn Fi announced that on May 16, the bVaults BUSD-Alpaca Strategy was attacked and nearly 10.86 million BUSD (about 12.3 billion won) in the pool was exhausted. However, the rest of the bvault and other pools on the platform are secure.
bEarn Fi has announced a rough compensation plan. A reward fund will be created. The fund consists of the remaining savings fund, development fund, DAO fund, and part of the expenses incurred by the contract. It is then used to distribute balance snapshot compensation contracts. Affected users will receive an additional 5% of the deposit amount. The specific compensation plan is as follows.
87.5% of BUSD initial deposit amount (immediately)
10% of the initial deposit of BDEX (to launch tokens within 80 weeks, same as the core team)
7.5% of BDOv2 initial deposit amount (immediately)
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Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.
