Compound to fix bug with control token allocation

October 21, 2021

Compound to fix bug with control token allocation

Compound community members have unanimously approved the activation of RFP-064. It is intended to fix a bug in the COMP control token allocation process that occurred during the previous update of the lending protocol.

Proposal 064 by @Arr00c @tylerether and other community members patches the bug introduced in Proposal 062, and resumes the COMP distribution for the majority of users. Discussion:…Proposal:

At the end of September, Compound developers activated RFP-062, which aimed to change the control token distribution model. The update contained a serious vulnerability - the protocol began paying out assets in excess of the amount set by the rules. The project thus lost $82 million.

In early October, yEarn.Finance's lead developer, nicknamed banteg, reported that an unknown person or group of people had used an exploit to transfer additional tokens to the problematic Comptroller smart contract address, which had been completely emptied during the previous incident.

Compound founder Robert Leshner said at the time that 490,000 COMPs (~$161.7 million at the time) were at risk.

RFP-064 will be activated on Saturday, 9 October. The proposal does not permanently solve the problem, but prevents users from making unfair profits.

With the activation of the offer, liquidity mining will resume, but only users who have not interacted with the exploit-affected markets (cTUSD, cMKR, cSUSHI, cYFI, cAAVE and cSAI) will be able to withdraw COMP tokens.

"Once the offer is activated, we will be able to identify the full list of users who have unfairly received COMP. We will then offer another update that will correct the COMP values on their balances, putting everything back on track," Compound Labs said in a statement.

As a reminder, Jack Czerwinski announced on 1 October that he had resigned as Compound Labs' general counsel. He had held the post for two and a half years.

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About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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