Compound Finance's recently introduced upgrade has left the DeFi protocol with a new bug that allows users to claim a humongous amount of its COMP tokens. Apparently, the bug has put the native cryptocurrency at risk of around $84 million.
<h2><strong>Bug Puts $84 Million COMP Tokens at Risks</strong></h2>
The team behind the decentralized finance rate protocol, Compound Labs <a href="https://twitter.com/compoundfinance/status/1443359184897069060" target="_blank" rel="nofollow noopener">revealed</a> that "Unusual activity has been reported regarding the distribution of COMP” after Proposal 062 was introduced.

Proposal 062 which was executed only some hours ago aims to split the distribution to liquidity suppliers and borrowers based on governance-set ratios instead of the previous 50/50 share model. The upgrade also includes the patching of minor bugs.

However, a new bug was mashed in the upgraded Comptroller Contract that allows users to accidentally claim as much as 168,000 COMP <a href="https://www.cryptoknowmics.com/news/comp-technical-analysis-prices-heads-lower-to-250/">tokens</a> worth around $50 million.

With the Comptroller contract containing only a limited amount of the COMP tokens, Robert Leshner, founder of Compound Labs pointed out that the majority of the rewards are contained in a different Reservoir contract address.

Taking this into consideration, Leshner estimates that the bug has left at the risk of around 280,000 COMP tokens, worth about $84 million at the time of writing.

https://twitter.com/rleshner/status/1443380518498848768
<h2><strong>COMP Token Slides by 8% Following Bug Announcement</strong></h2>
For now, the team behind Compound Labs and members of the community are working on patching the COMP distribution with Lesher revealing that there are no admin controls or community tools to disable the COMP distribution. This means that any changes to the protocol would still require a seven-day governance process before being introduced to production.

Following the bug announcement, the valuation of COMP tokens has slid by 10% with the token currently trading at a low of 8% at $300 since the past 24 hours.

<a href="https://www.cryptoknowmics.com/news/compound-defi-lending-platform-announces-treasury-product-for-non-crypto-native-businesses/">Compound Finance</a> is one of the leading protocols for lending and borrowing in the DeFi space. It also works like a savings account where you can earn interest without having to trust a third party with your funds.

Compound Bug Mistakenly Allows Users to Claim $84M Worth COMP Tokens

Compound Finance’s recently introduced upgrade has left the DeFi protocol with a new bug that allows users to claim a humongous amount of its COMP tokens

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Compound Bug Mistakenly Allows Users to Claim $84M Worth COMP Tokens

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