Compound can go back to smart contract bug
Compound can go back to smart contract bug
By error in a newly provided smart contract, there is a risk that Comp worth $ 80 million will be laid.
The central theses
- Compound incorrectly distributes COM rewards due to an error in a Smart Contract.
- Compound founder Robert Leshner said that 280,000 comp-tokens are at risk.
- The transaction history shows that further sales pressure could crash the asset below 200.
Compound launched a new upgrade this week, but a mistake in the code was distributed unfairly. The incident can lead to a comp-sale.
80 million US dollars at risk
compound looks bear.
The -Abased Defi-Blue chip released Proposal 62 on Wednesday and introduced two comp-distribution rates for protocol users. However, the new compatroller contract was implemented with an error that enables users to borrow certain assets in order to claim more than their fair proportion of comp.
Robert Leshner, the founder of Compound Labs, Preserver-Spaces = "True"> notes that "all delivered assets and positions" were affected. Nevertheless, he emphasized that 280,000 COMP-TOKEN worth $ 80 million could be incorrectly rewarded by users. He added that every change in the protocol requires a weekly governance process to get into production.
Although a temporary Patch for the distribution error, some users have already used the Exploit. Over 91,000 comp-tokens worth $ 27.5 million were claimed in a single transaction after the discovery. Since then, the wallet owner has exchanged most of the tokens received for USDC.
The sudden increase in the downward pressure led to the comprise that the compilation fell below $ 290. Although the asset has shown signs of recovery in the past few hours, further sales could lead to significant losses.
on weak support
The transaction history shows that compound is sitting on a weak demand zone, while a considerable number of addresses are currently under water.
Such market dynamics indicate that a break of the support level of $ 292 could lead to a steep correction to $ 199. Bulls would then have to prevent Comp 199 $ from breaking through because the next important interest area is $ 100.
For Compound, however, it could be difficult to resume its upward trend. About 22,700 addresses previously bought almost 1.9 million comper at an average price of $ 382. This represents a large supply wall; The component would need a decisive daily candlestick closing to reach higher highs.